Home Crypto Analysis Price Predictions Apecoin Price Prediction: Apecoin Sinks to New Lows, But Sharks Are Circling — A Time to Buy?

Apecoin Price Prediction: Apecoin Sinks to New Lows, But Sharks Are Circling — A Time to Buy?

Peter Henn
Published July 18, 2023 9:26 AM

Key Takeaways

  • Bored Ape Yacht Club is the largest collection of non-fungible tokens (NFTs) by market cap. 
  • It features 10,000 individual images, and is supported by the ApeCoin (APE) crypto token.
  • BAYC enjoyed a price spurt at the start of June, but APE has suffered from crypto market losses. 

While non-fungible tokens (NFTs) are nowhere near as big a deal as they were back in late 2021, when it seemed like organizations that had previously shown no interest in either cryptocurrency or the blockchain were falling over themselves to jump on the bandwagon, people are still trading in the rights to links to individual pieces of digital art.

One of the major NFT collections is the Bored Ape Yacht Club (BAYC), supported by its native token, ApeCoin (APE).

At a time when the world of crypto was left reeling from the news that the United States Securities and Exchange Commission (SEC) was suing the Binance and Coinbase crypto exchanges, BAYC looked to be an exception to the rule. Its floor price – in other words, the price of the cheapest available NFT – performed consistently and even rose right after the lawsuits were announced. 

However, APE did not do so well, with it reaching its lowest point since its initial launch in the middle of July 2023.

But what is Bored Ape Yacht Club (BAYC)? What is ApeCoin? How do ApeCoin and Bored Ape Yacht Club work? Let’s take a look and see what we can find out. 

From the Whitepaper

Apecoin’s technical documentation, or whitepaper, says that the crypto is designed to “empower decentralized community building”, adding: “ApeCoin is a cryptocurrency that rewards the BAYC community for buying and holding Bored Ape Yacht Club NFTs and other NFTs from the Yuga Labs ecosystem.

With this $ape token, people can participate in the DAO governance structure and buy Metaverse land in the BAYC Metaverse.”

Advantages and Disadvantages of ApeCoin

Blockchain analytics company Messari  recently released their quarterly report on APE, in it they found that the crypto’s market was dominated by sharks – holders who have a significant, but not massive, amount of the token – and outlined some key advantages and disadvantages to the token.

It said

  • APE’s average price was $3.38, down from $9.51 year-on-year and down from $4.93 quarter-on-quarter.
  • It had a total transfer volume of $5.3 million, down from $24.2 million the previous year and $10.2 million the previous quarter.
  • 33,963 new holders, down year-on-year from 134,298 and down quarter-on-quarter from 58,503.

Advantages of ApeCoin

Messari said that ApeCoin

  • Had an active and “highly efficient” user base.
  • Worked will to support the BAYC collection, with users passing proposals that benefited the ecosystem.
  • Had the potential for growth.

Disadvantages of Apecoin

Messari also said that Apecoin

  • Had seen its new users shrink substantially.
  • Had a decent amount of large holders whose wallets were controlled by the APE Foundation.
  • Saw all its key metrics drop in the second quarter of 2023.

With Messari’s report fairly mixed about APE, what does this mean about the Apecoin price prediction?

First, though, let’s talk about what Apecoin and the Bored Ape Yacht Club actually are.

Bored Ape Yacht Club (BAYC) Explained

Bored Ape Yacht Club is a collection of NFTs. Number 10,000, they are all based on, as the name suggests, bored-looking apes.

Launched in April 2021 by Yuga Labs, the images soon grabbed the attention of an online world that could not get enough of NFTs.

Perhaps vitally for the collection’s reputation, celebrities, including Madonna Justin Bieber , and Gwyneth Paltrow  getting in on the action in 2022. It was in March of that year that the collection launched its own cryptocurrency, ApeCoin (APE).

APE is overseen by the APE Foundation, which also provides oversight to the ApeCoin DAO, a decentralized autonomous organization that is responsible for building applications linked to APE and BAYC. 

How Bored Ape Yacht Club Works

Bored Ape Yacht Club (BAYC) operates much like any other NFT collections. NFTs are minted and people can buy, sell, and exchanges them. ApeCoin, on the other hand, allows its holders to access parts of BAYC that other people can’t, with exclusive games and merchandise available for the token’s holders.

People who hold APE can vote on changes to how the DAO works, and it can be bought, sold and traded on exchanges independently of BAYC’s NFTs.

Despite its name, ApeCoin is not, strictly speaking, a crypto coin, but rather a token. This is because it is based on the Ethereum (ETH) blockchain. 

Bored Ape Yacht Club Price History

In terms of the Bored Ape Yacht Club price history , probably the most important figure to take note of is the floor price.

After all, while it is always likely that one of the collections NFTs could trade for a freakishly high price, which would in turn lead to the average price shooting up, how much the cheapest NFT goes for, the price of admission, as it were, into the Bored Ape Yacht Club, serves as a better measurement for how well the collection is going.

Keep in mind, though, that past performance is not an indicator of future results. 

On August 1 2021, BAYC’s floor price was 5.25 ETH, the crypto in which the NFTs are sold. The price climbed up, albeit with peaks and troughs and the record floor price was set on 1 May 2022 when the cheapest BAYC NFT would have set you back 128 ETH.

After this, though, the price moved down, although perhaps not as drastically as the crypto market, which suffered a series of crashes in 2022, might have you believe and, by the end of the year, you could get involved in BAYC for about 69 ETH.

So far in 2023 the price of BAYC has declined in terms of how much Ether one costs, even if the price of ETH has, inevitably, varied. However, early June saw the ETH to BAYC ratio rise at a time when the crypto market struggled, jumping from 45.32 ETH at the start of the month to 47.01 ETH on 7 June and then dropping back to about 45.5 ETH on 13 June.

After that, though, it fell down and it stood at about 33 ETH on 17 July 2023. At that time, it had a market cap of 358,680 ETH and was the largest NFT collection by that metric. 

Bored Ape Yacht Club Price Analysis

It is worth pointing out that APE has also been on something of a price journey  over the last few weeks. On 5 June, before the SEC announced its case against Binance, it was worth $3.22. It then dropped with the market, falling 35% to $2.14 by 10 June before recovering to $2.28 on 13 June, down 31% from pre-crash levels but up 6.5% from its weekly low.

By 13 July, it was back down to $1.82 – down nearly 45% from 5 June – but by 17 July it had recovered by more than 10% to $2.02.

Bored Ape Yacht Club Price Prediction

While predicting the floor price of an NFT collection is difficult, somewhat arcane, and ultimately a fool’s errand, people can, and do, make ApeCoin price predictions. While these, too, are liable to be wrong, they are a bit more solid and easily accessible than any Bored Ape Yacht Club price predictions.

Keep in mind, though, that, like many long-term crypto price predictions, they are made using an algorithm that can change at any time. So, let’s take a look at some of the ApeCoin price predictions that were being made as of 17 July 2023. 

CoinCodex  had a short-term ApeCoin price prediction for 2023 that said the token would behave in a volatile manner in the weeks ahead.

It said it would first drop to $1.85 by 22 July before making a recovery to $2.20 by 16 August. The site’s technical analysis was, despite that, bearish, with 14 indicators sending negative signals compared to 10 making bullish ones.  

Bored Ape Yacht Club Price Forecast for 2023

In terms of other ApeCoin price predictions for 2023, DigitalCoinPrice  said the token would reach $4.14 this year, while PricePrediction.net  argued that it would trade at an average of $2.25. CryptoPredictions.com , meanwhile, said that APE would climb to $3.17 by the end of the year. 

Bored Ape Yacht Club Price Forecast for 2025

When it came to making an ApeCoin price prediction for 2025, CryptoPredictions.com said that APE would start the year at $5.65, reach $6.49 in July and close the year at $7.11. DigitalCoinPrice said that it would trade at an average of $7.22 and PricePrediction.net said it would be worth $4.53. 

Bored Ape Yacht Club Price Forecast for 2030.

As far as more long-term ApeCoin price predictions for 2030 went, PricePrediction.net was extremely optimistic, saying it would trade at $30.21, while DigitalCoinPrice said that it would stand at $20.75. Meanwhile, Bitnation  suggested that, by the start of the next decade, APE would be worth $17.20.

Is Bored Ape Yacht Club a Good Investment?

With the hot period for NFTs having cooled down over the last year or so, it remains to be seen whether or not BAYC represents a good investment or whether it is, in actual fact, the last remnants of a dying fad.

Even with ApeCoin, the collection’s associated crypto, it is hard to say whether or not the token represents a good investment. As always, you must make sure you do your own research before investing.

Will Bored Ape Yacht Club Go Up or Down?

It is hard to say with any certainty what will happen to either BAYC or APE. While the ApeCoin price predictions are broadly bullish, keep in mind that price predictions are very often wrong and that prices can, and do, go down as well as up. 

Should I invest in Bored Ape Yacht Club?

Before you decide whether or not to invest in Bored Ape Yacht Club or APE, you will need to do your research, not only on BAYC or ApeCoin, but on other related collections, coins and tokens. You should also make sure that you never invest more money than you can afford to lose. 


How many Bored Ape Yacht Club NFTs are there?

There are 10,000 NFTs in the Bored Ape Yacht Club collection.

What is the most expensive BAYC NFT?

The most expensive Bored Ape Yacht Club NFT is Bored Ape #8817, which sold at Sotheby’s auction house for $3.4 million. 

What is Bored Ape Yacht Club for?

Bored Ape Yacht Club is a collection of non-fungible tokens (NFTs), depicting apes. It is supported by the ApeCoin cryptocurrency. 


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