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ApeCoin Price Prediction 2024: APE Price Analysis

Last Updated June 26, 2024 9:25 AM
Valdrin Tahiri
Last Updated June 26, 2024 9:25 AM
By Valdrin Tahiri
Verified by Peter Henn

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.
  • The APE price has trended downward since reaching its all-time high in March 2022.

While the fervor surrounding non-fungible tokens (NFTs) has subsided since late 2021, when even organizations previously uninterested in cryptocurrency or blockchain eagerly embraced the trend, trading in digital art rights persists. Notably, the Bored Ape Yacht Club (BAYC) and its native token, ApeCoin (APE), remain prominent in the NFT space.

While the price started 2024 in a bullish note, it has fallen since its yearly high and reached a new all-time low price on June 24.

ApeCoin did not immediately respond to a request for comment.

But what exactly is the Bored Ape Yacht Club (BAYC)? What role does ApeCoin play, and how do these elements function within the Bored Ape Yacht Club ecosystem? Let’s examine some of the APE predictions made by CCN.com on June 26, 2024. It is crucial to bear in mind that price forecasts, particularly for volatile assets like cryptocurrencies, often turn out to be inaccurate

How Do We Make an Apecoin Price Prediction?

There are two methods used to create our Apecoin price predictions. More specifically predictions are created using fractals (mirroring movements and indicator readings) and the wave count.

The mean of the two predictions gives the average APE price prediction, the more bullish one is used for the maximum price prediction while the more bearish one for the minimum.

Minimum Apecoin Price Prediction Average Apecoin Price Prediction Maximum Apecoin Price Prediction
2024 $1.64 $1.67 $1.70
2025 $0.60 $1.57 $2.53
2030 $0.032 $0.040 $0.048

Fractal Prediction

Between June and November 2022, the APE price made lower lows, falling below the $3.40 horizontal support area. However, these lows were combined with bullish divergence (green) in the 3-day RSI. After the divergence transpired, the price began an upward movement and reclaimed the horizontal area. During this period, the RSI moved above 50 (green circle).

A nearly identical movement is transpiring since October 2023. The price has created lower lows below the $1 horizontal support area, which have been combined with bullish divergence in the 3-day RSI. The only differences between the movements is that the RSI increased above 50 twice in the current movement, and that the price has not reclaimed the $1 area yet. Doing so will confirm the similarities between the two.

APE Fractal Prediction
APE/USDT 3-Day Chart | Credit: Valdrin Tahiri/TradingView

Additionally, while both movements had nearly the same magnitude, the current one is lengthier, since the time between the two lows is 260 days compared to the 150 days in 2022, making the current one 1.73 times longer. We can use these ratios to make predictions for the end of 2024 and 2025.

By projecting the 2022-2023 increase and correction to the current one and making it 1.73 times longer, we arrive at price of $1.70 at the end of 2024 and $0.60 at the end of 2025.

Before reaching them, APE is predicted to reach $2.05 earlier in 2024.

Wave Count Prediction

The wave count suggests the APE trend is bearish. According to it, APE started a five-wave downward movement in June 2022. It is possible that the downward movement has ended. Comparing it with the fractal method, reclaiming the $1.05 area will confirm the price has begun an upward A-B-C corrective structure.

The structure can last for 0.618 times the upward movement and end near the $2.50 horizontal resistance area. We can use the shape of waves two and four to determine that of the A-B-C correction. Doing so leads to prices of $1.64 and $2.53 at the end of 2024 and 2025, respectively.

APE Wave Count Prediction
APE/USDT 3-Day Chart | Credit: Valdrin Tahiri/TradingView

Finally, we use the rate of increase of the past five years to make a prediction for the end of 2030. APE has decreased by 88% in the 865 days since its launch, for a rate of decrease of 0.1% per day.

Projecting this same rate of decrease until the end of 2030 leads to a new all-time low of $0.04. Adding and removing 20% to this value leads to the minimum and maximum predictions of $0.032 and $0.048.

ApeCoin Price Prediction for 2024

Our fractal and wave count price predictions give a very similar target range of between $1.64 and $1.70 for the price at the end of 2024. The main difference is that the fractal prediction suggests APE will reach its high above $2 in November and then begin a lengthy correction, while the wave count prediction suggests APE will be in the middle of its upward movement instead.

ApeCoin Price Prediction for 2025

Because of the previously mentioned divergence, the price at the end of 2025 is vastly different in each method. The fractal method implies the price will be nearing the end of its correction at $0.60, while the wave count instead suggests APE will be nearing the top of its upward movement at $2.53.

ApeCoin Price Prediction for 2030

The Apecoin price prediction for the end of 2030 uses the current rate of decrease. A price between $0.032 and $0.048 is likely if a similar rate of decrease continues for the foreseeable future.

Advantages and Disadvantages of ApeCoin

Blockchain analytics company Messari  recently released its quarterly report on APE. The document outlined some key advantages and disadvantages to the token.

It said:

  • APE’s average price was $1.74, down from $3.62 year-on-year but up from $1.24 quarter-on-quarter.
  • It had a total transfer volume of $2.3 billion, down from $6.2 billion the previous year and $2.7 billion the previous quarter.
  • 21,400 new holders, down year-on-year from 48,900 and down quarter-on-quarter from 44,700.

Advantages of ApeCoin

Messari said that ApeCoin

  • Had an active and “highly efficient” user base.
  • Worked well to support the APE 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 2023.

APE Price Analysis

The daily time frame APE price chart shows a decline under a descending resistance trend line since the yearly high, causing a new all-time low price of $0.84 on June 24. While the price bounced afterward, it still trades below the $1.05 horizontal area and the descending resistance trend line.

Additionally, the daily RSI and MACD have both generated bullish divergences (green), a sign of an impending upward movement. This will be confirmed with a breakout from the resistance trend line, which can trigger an increase to the 0.382 Fibonacci retracement resistance level at $1.55.

APE Price Downward Movement
APE/USDT Daily Chart | Credit: Valdrin Tahiri/TradingView

Despite this bullish APE price prediction, failing to reclaim the $1.05 area and break out from the trend line can lead to a drop to a new all-time low at $0.70.

APE Price History

The APE price rallied shortly after its launch, reaching a new all-time high price in April 2022. However, it has been mired in a lengthy downward trend since. It reached its all-time low on June 24 and currently trades 96% below its all-time high.

APE Price History
APE Price History | Credit: CoinGecko
Period APE Price
Today (June 26, 2024) $0.96
Last week (June 19, 2024) $0.90
Last Month (May 26, 2024) $1.30
Three Months Ago (March 26, 2024) $2.05
Last Year ( June 26, 2023) $2.32
Launch Price (March 17, 2022) $8.54
All-Time High (April 28, 2022) $26.70
All-Time Low (June 24, 2024) $0.84

Ape Performance Comparison

Apecoin is part of the NFT and gaming sectors, so let’s compare it with other coins part of the same projects with similar market capitalizations.

Current Price One Year Ago Price Change
APE $0.96 $2.32 -60%
AXS $6.19 $5.66 7%
SAND $0.33 $0.42 -22%
ILV $66.41 $46.63 41%

APE has not performed well during the past year, possible because of a series of unlocks that increased the circulating supply.

Who Owns the Most APE Tokens?

As of June 26, 2024, the five wallets with the most APE tokens   were:

  • 0x5954ab967bc958940b7eb73ee84797dc8a2afbb9 – This wallet owns 166,546,483 APE, or 16.65% of the total supply.
  • 0xf977814e90da44bfa03b6295a0616a897441acec – This wallet owns 64,245,876 APE, or 16.65% of the total supply.
  • 0xf89d7b9c864f589bbf53a82105107622b35eaa40 – This wallet owns 12,635,156 APE, or 16.65% of the total supply.
  • 0x6cc5f688a315f3dc28a7781717a9a798a59fda7b – This wallet owns 10,253,737 APE, or 16.65% of the total supply.
  • 0x91951fa186a77788197975ed58980221872a3352 – This wallet owns 9,832,832 APE, or 0.98% of the total supply.

APE Supply and Distribution

Supply and distribution Figures
Total Supply 1,000,000,000
Circulating supply as of June 26, 2024 627,840,909 (63% of the total supply)
Holder distribution as of June 26, 2024 Top 10 holders own 27% of the total supply

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 the APE token, people can participate in the DAO governance structure and buy Metaverse land in the BAYC Metaverse.”

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 , are 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 exchange 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. 

Is Apecoin a Good Investment?

Our long-term price predictions for APE indicate the price is in a long-term downward movement and that bounces are corrective. However, the price is likely to increase in 2024 and the beginning of 2025. It is worth mentioning the APE price is likely tied to the floor price of the BAYC collection, which has been going down.

Will Apecoin Go up or Down?

The daily time frame APE price chart shows that despite its new all-time low, there are bullish divergence which can trigger an upward movement. A breakout from the resistance trend line and reclaim of the $1.05 area will confirm the ongoing bounce.

Should I invest in APE?

Before you decide whether or not to invest in APE, you will have to do your own research and will also need to make sure that you never invest more money than you can afford to lose.

ApeCoin Attention Tracker

APE Search Volume
Apecoin Google Search Volume | Credit: Google Trends

Here is a chart for the ApeCoin Google search volume for the past 90 days. This represents how many times the term “ApeCoin” has been Googled over the previous 90 days. 

FAQs

How many ApeCoin are there?

On June 26, 2024, there were 628 million APE in circulation out of a total supply of one billion.

Will APE reach $10?

Our long-term price predictions suggest that APE will not reach $10, since it is mired in a long-term downward trend.

What is ApeCoin used for?

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.

Disclaimer
Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
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