The last months have not been that good for the cryptocurrency market in terms of performance. At the time of writing, the overall market capitalization is nearly 40% down from the all-time high that it hit in November 2021. When the crypto market is not performing well, projects tend to focus on development. That is since they have less pressure upon themselves and thus can work under more favorable circumstances.
That is the case with Yuga Labs and their brand new token ApeCoin (APE). Although the cryptocurrency market is not at its best right now, Yuga Labs decided it is a good time to launch APE. Believe it or not, their token mooned immediately after its debut. Throughout this article, we will take a deeper look at ApeCoin and present our price prediction for the token.
ApeCoin (APE) Fundamental Analysis
First off, let us touch upon the basics of ApeCoin. Everyone knows Yuga Labs as the creators of the Bored Ape Yacht Club NFT collection. Because of the huge community this collection has, the token launch was inevitable. The team claims that the launch of APE is an attempt to functionalize the BAYC ecosystem. Although the teams are not exactly the same, both ApeCoin and BAYC are directly linked with each other. The current board of ApeCoin consists of Alexis Ohanian, Amy Wu, Maaria Bajwa, Yat Siu, and Dean Steinbeck.
Introducing ApeCoin ($APE), a token for culture, gaming, and commerce used to empower a decentralized community building at the forefront of web3. 🧵
— ApeCoin (@apecoin) March 16, 2022
The Bored Ape Yacht Club (BAYC) collection operates on the Ethereum blockchain. This means that their brand new token, ApeCoin, also operates on this blockchain. This makes it an ERC-20 token. Through ApeCoin, the team wants to aid in building the forefront of Web 3.0.
What is ApeCoin?
ApeCoin is a token operating on the Ethereum blockchain, making it an ERC-20 token. Fundamentally, ApeCoin is a governance and utility token. Through ApeCoin, the team behind the token wants to build a truly decentralized and healthy ecosystem that contributes to the creation of Web 3.
ApeCoin’s tokenomics are simple, really. Understanding that this token was created mainly for BAYC, a portion of the tokens were distributed to BAYC/MAYC holders. Let’s break down the initial distribution percentages one by one.
- 8% of the total supply went to the creators of the BAYC/MAYC collections.
- 14% of the total supply went to the individuals/teams that helped with the creation of ApeCoin.
- 16% of the total supply went to Yuga Labs and different charities – including the Jane Goodall Legacy Foundation.
- 62% of the total supply went towards the ecosystem fund. Around 150 million tokens were proportionally distributed among BAYC/MAYC holders and the rest went to ApeCoin DAO.
This token has a capped supply, meaning that only a specific amount of ApeCoin tokens will ever exist. According to CoinMarketCap, the maximum supply of ApeCoin is 1 billion, with 28% of it being in circulation.
ApeCoin Contract Address: 0x4d224452801aced8b2f0aebe155379bb5d594381
What is Yuga Labs?
Yuga Labs are the creators behind the famous NFT collection, Bored Ape Yacht Club. Understanding how big BAYC managed to get, one would think that Yuga Labs is some sort of big company with a huge team. However, the initial team behind Yuga Labs is actually made from four individuals. They go by the names of Gordon, Tomato, Sass, and Gargamel. Everything started with a simple message that Gordon sent to Gargamel, saying “Let’s make an NFT.”
After this message, the team got together and began to work. After two months of working to build the collection and the community, they opened the first week of minting. This period was known as a pre-sale where they sold 500 Bored Apes. After that very slow week, as they claim, they launched the collection for a public sale. To their surprise, the collection sold out in one night. According to statistics, the public mint day (1 May 2021) led to BAYC becoming the most used smart contract in the Ethereum network, surpassing the biggest DEX, Uniswap.
Fast forward to today, BAYC is the biggest NFT collection in the market, with CryptoPunks as the second one. Just recently, Yuga Labs acquired the CryptoPunks and MeeBits NFT collections from Larva Labs. This makes Yuga Labs the biggest “company” in the NFT marketplace, and the recent acquisition leaves it with no competition. Bored Ape Yacht Club showed the world how cool the NFT space can get through parties, merchandise, a supporting community, and much more.
Some big news to share today: Yuga has acquired the CryptoPunks and Meebits collections from @LarvaLabs, and the first thing we’re doing is giving full commercial rights to the NFT holders. Just like we did for BAYC and MAYC owners. pic.twitter.com/lAIKKvoEDj
— Yuga Labs (@yugalabs) March 11, 2022
As mentioned before, ApeCoin’s goal is to empower decentralization at the forefront of Web 3. They want to further build upon the BAYC ecosystem and provide their community a way to interact with the outside world as well. The first thing Yuga Labs is working on after the debut of this token is the ApeCoin DAO.
But, what is a DAO? Well, DAO stands for decentralized autonomous organization. To put this simply, a DAO is an organization that has no central authority but is rather directed by its community. In the case of ApeCoin DAO, holders of ApeCoin will be able to vote in any changes to its ecosystem. They will be allowed to make proposals and give opinions. The amount of ApeCoins that one has determines the number of votes they can give in each proposal.
We must note that the BAYC ecosystem and the ApeCoin ecosystem are not the same. Although they are linked with one another, they are not the same ecosystem.
ApeCoin (APE) Price Analysis
According to Dextools, ApeCoin joined the market with a trading value of around $23.10. Just some minutes after it made its debut, its price reached $50.00, setting a new all-time high. This pump lasted only for some minutes, however. As time passed by, the price of ApeCoin fell to under $10. Nevertheless, the trading value of this token is very volatile right now. Although the overall market is experiencing somewhat of a bearish month, ApeCoin’s price keeps doing backflips. Each day, ApeCoin experiences a +-25% on its price. This is quite understandable, however, considering the huge hype around it. The price drop that came after the launch was expected since every BAYC/MAYC/BKYC holder got thousands of tokens for free. It is only a logical assumption that they would cash out immediately.
At the time of writing, ApeCoin is trading at a price of $10.41 and has a market capitalization of $2.89 billion. This makes it rank as the 46th biggest cryptocurrency regarding market capitalization.
ApeCoin (APE) Market Price Predictions
Although the market of ApeCoin is extremely uncertain right now, it is likely to calm down in the near future. Several YouTubers and websites have made predictions about the future of this token and we will present them to you. Afterward, we will go on with our own ApeCoin price prediction.
One of the biggest cryptocurrency prediction websites is Price Prediction. Just recently, this website made a price prediction for ApeCoin. According to their prediction, ApeCoin is going to begin an uptrend that will last until the end of the decade. That is if we look at the bigger picture, of course. So, Price Prediction has some good news for diamond hands and hodlers.
By the end of 2024, its forecast shows ApeCoin trading at a maximum price of $46.50. Moving on, the forecast of Price Prediction shows ApeCoin surpassing the $100 milestone sometime in 2026. According to this website, ApeCoin could reach a trading value of more than $680.
Moving on, we have a famous cryptocurrency Youtuber. Connor Kenny covers different cryptocurrencies and tokens in his videos. One of his most recent videos covers ApeCoin and the possibility of this token to go x100 from where it is now.
Well, although Kenny seems excited about this project, he doesn’t believe ApeCoin can x100 anytime soon. Going x100 would mean ApeCoin trading at a price of more than $1,000. This would put it at a market capitalization of more than Ethereum. Considering the utility of this token. Hitting such a market capitalization in such a short period of time is unrealistic.
Crypto Academy ApeCoin (APE) Price Prediction
After taking a look at some market predictions, we at Crypto Academy came up with our own ApeCoin price prediction. We try to be as precise as possible by using both technical and fundamental analysis when we present our forecast. However, please do your own research before investing in any project.
ApeCoin (APE) Price Prediction 2022
The cryptocurrency market has not been performing at its best in 2022. In January, Bitcoin fell to the lowest price it has been since 2020. However, the market is slowly recovering. Understanding that ApeCoin is still a very young token, it has a lot of time to get recognized by the majority. Moreover, this token already has a community because of the Bored Ape Yacht Club. By the end of 2022, we believe that ApeCoin might reach a yearly high between $65-$80. If the market does not get as bullish as we expect, ApeCoin might end the year with a yearly high of $50.
ApeCoin (APE) Price Prediction 2023
The market might be less volatile in 2023 than in the two prior years. Considering the current events throughout the globe, every industry will take a heavy toll in the years to come. However, though, the cryptocurrency market has already been affected by this downtrend. Furthermore, we believe that the crypto market has already surpassed the worst hit. ApeCoin might not be able to reach a trading value of $100 in 2023. Moreover, our forecast shows ApeCoin trading at a high of $60-$70 sometime in 2023. If the overall market declines, however, the price of APE might do that as well.
ApeCoin (APE) Price Prediction 2024
The year 2024 is totally different, though. In this year, the next Bitcoin halving is set to occur. Therefore, the market is likely to get super bullish. This is because the Bitcoin halving event often initiates huge bull runs. If this is the case in 2024 as well, ApeCoin might surpass the $100 milestone sometime during 2024. Nevertheless, we must acknowledge the fact that only a small portion of this token’s total supply is in circulation. As more tokens begin circulating, it will be harder for APE to increase in price.
ApeCoin (APE) Price Prediction 2025
Our ApeCoin for 2025 is bullish. After the Bitcoin halving event, the market is likely to go skyrocketing. This could positively affect the price of ApeCoin, making it moon as well. However, since a huge portion of the total supply might get in circulation around that time, experiencing huge price increases is unlikely. Our price prediction for APE shows this token trading at a minimum price of $75 and a maximum price of $125 in 2025. This would leave it with an average price jumping between $90-$110.
ApeCoin (APE) Price Prediction 2026
Moving on to 2026, our price forecast shows that the market could get way more stable than it is nowadays. Of course, altcoins such as ApeCoin will follow how the overall crypto market performs. Moreover, APE is listed in most major exchanges, meaning that it has several whales holding onto it. These factors determine how volatile the market of a token will be. Considering these facts, APE could reach a maximum price of $150 by the end of 2026.
How to buy ApeCoin (APE)?
ApeCoin is the first-ever token that every major cryptocurrency exchange supports just days after its launch. Therefore, buying APE is way easier than other new tokens, most of which you can only buy through certain DEXs.
Step 1: Create an Exchange Account
The first thing you need to do to buy ApeCoin is to create an exchange account in one of the exchanges that support APE. As we stated before, most of the major cryptocurrency exchanges support APE. For this example, however, we will use Coinbase. To create an account on Coinbase, you must provide your legal full name, your email address, and your phone number. Then, in order to start trading, you may need to surpass some levels of verification depending on where you reside.
Step 2: Fund Your Account
Now that you have successfully created and verified your account, you are ready to fund it and begin trading. You can fund your Coinbase account through different types of bank transfers and online payment services such as Paypal. However, though, you cannot fund your Coinbase account using a credit/debit card since Coinbase does not accept such a payment method.
Step 3: Buy APE
After creating and funding your Coinbase account, all that is left to do is purchase APE. To do so, simply switch to Coinbase Pro, go to “Trade”, choose the APE market pair that fits you best, and execute the trade. Some of the most popular APE market pairs are APE/USDT, APE/USD, and APE/ETH. The one with the most liquidity in Coinbase is APE/USD.
Frequently Asked Questions (FAQs)
Where to Buy ApeCoin?
At the time of writing, you can purchase ApeCoin in both centralized and decentralized exchanges. Some of the centralized exchanges that support APE are Binance, Gate.io, FTX, Coinbase, Huobi Global, KuCoin, Bybit, Kraken, Gemini, Poloniex, Crypto.com, and BitMart. On the other hand, the decentralized exchange that provides the most support for APE is Uniswap.
Is ApeCoin a Good Investment?
Probably. ApeCoin is backed by some of the biggest players in the NFT space. Moreover, it has the support of nearly everyone in the market. Major exchanges listed the token immediately, causing its market capitalization to go above $10 billion hours after its debut. Yet, we suggest you do your own research and wait a bit before rushing in to invest in this token. In the end, you might be left holding (HODLing) the bag. Nevertheless, we believe that this token has huge potential and might even x10 in the future.
Is ApeCoin a Scam?
No, ApeCoin is not a scam. ApeCoin is not and has never been a scam. This token has taken the market by storm, causing hype to build up. However, just because it has all this hype around it does not mean that it is a scam. After all, ApeCoin is one of the few altcoins that has the support of all major exchanges.
Is ApeCoin Crashing?
ApeCoin is not crashing. When this token made its debut, BAYC/MAYC/BKYC holders were airdropped thousands of tokens. Later on, when the token joined the market, those holders rushed into selling all of their tokens, generating hundreds of thousands of dollars in profit. That is why the price of ApeCoin “crashed” some days after its launch. This is just a correction and does not mean that this token cannot get back to the top again.
- The crypto market has come a long way since 2009. The first cryptocurrency, Bitcoin, aims to serve as an alternative to the global financial system.
- Just recently, a new token with the name of ApeCoin joined the market. This token is directly linked to the Bored Ape Yacht Club ecosystem.
- The founders of Bored Ape Yacht Club have been very active recently. Some days ago, they acquired CryptoPunks and Meebits from Larva Labs.
- ApeCoin operated on Ethereum and is an ERC20 governance token. In the near future, this token will also become a utility token.
- The main thing that the board of ApeCoin is focused on right now is the ApeCoin DAO. This structure will ensure that the project follows a truly decentralized path.
- Our forecast shows ApeCoin surpassing the price of $100 sometime in 2024.
- All in all, we believe that ApeCoin may prove to be a good investment in the long run. However, please DYOR.