ApeCoin Price Prediction: Can ApeCoin Reach $20 Soon?

The NFT market is known for creativity and innovations. The Bored Ape Yacht Club is possibly the most well-known NFT collection. The hype encircling non-fungible tokens is usually guided by the well-known NFT collection. This article is all about the Bored Ape Yacht Club’s own cryptocurrency – the ApeCoin. This article will cover crucial questions like Apecoin price prediction and can APE reach $20? Let’s take a look.

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What is Bored Ape Yacht Club?

The Bored Ape Yacht Club is one of the most well-known NFT collections on the market. It is a pack of 10,000 digital pictures, all representing cartoon monkeys. The digital art collection is a special NFTs. These NFTs are founded on the Ethereum Blockchain. 

The NFT collection has evolved into one of the most widespread NFT collections in recent months. Yuga Labs is the firm behind the Bored Ape Yacht Club. The firm just received $400 million in investment and strives to further monetize the apes from the Bored Ape Yacht Club.

What is ApeCoin (APE)?

According to its website, ApeCoin is the governance and local cryptocurrency of the Bored Ape Yacht Club. Its structure allows it to evolve into the decentralized protocol layer for movements within the community and its environment. It is also an ERC-20 token that developers utilize to authorize and incentivize decentralized community structure at the forefront of web3. Token holders manage themselves through the decentralized governance framework governing the ApeCoin DAO.

As mentioned earlier, the ApeCoin is the governance and network token of the APE environment. The publisher is ApeCoin DAO. The holders of the ApeCoin are automatically given access to the ApeCoin DAO. Users can choose how the ecosystem fund is handled and utilized. 

In the future, the ApeCoin will become the preliminary standard of payment within the Bored Ape Yacht Club. With it, the NFTs of the NFT collection is to be sold and largely paid for. 

ApeCoin Price Prediction: How has the price of ApeCoin developed in recent weeks?

ApeCoin witnessed a huge price jump soon after the ICO. Then there were more substantial instabilities. In the last seven days, the price of APE has decreased by almost -11.3%. At the end of April, we witnessed strong growth in the ApeCoin price again. The price went up to over $26 at the end of April. At the time of writing this, the APE price is sitting at $5.69. 

The entire supply of the token is 1 billion coins. The creators cannot burn the token, which suggests it won’t decline in supply. Alternatively, users cannot mint it, which means it will never grow. The token was launched on March 17, 2022, and about 30.25% of the total allocation is available for trading.

Bored Ape NFT = 10,094 tokens

Mutant ape = 2,042 tokens

Bored Ape + Kennel Club = 10,950 tokens

Mutant Ape + Kennel Club = 2,898 tokens

ApeCoin Price Prediction: Why Did ApeCoin (APE) Price Decline?

APE has always witnessed heavy fluctuations. The funfair met with the launching of the token, could have been answerable for the huge losses. This is not uncommon, as people who get free airdrops always try to sell them off to make huge money.

APE’s price touched its second-greatest level, striking $27 in April 2022. Yet, the price of ApeCoin backtracked, pulling down to under $17. Also, brought Yuga’s profits down to $287 million.

Fortunately, this price fluctuation is not uncommon with crypto projects and new tokens. One more reason could be that BAYC owners traded the token at $40 rather than its trading price of $14. Unfortunately, this is technically unbelievable in such a short time, assuming that it needs the benefit of exchanges. The logic behind this dip could have derived from other unidentified aspects.

ApeCoin Price Prediction: Can APE Reach $20 Soon?

APE/USD Weekly chart – CoinMarketCap

The APE price is currently encountering a downtrend. Amid the bearish force, the price declined below the $7 support a few days ago. The bulls must collect themselves to save the token. Currently, it seems like the buyers are showing curiosity in purchasing the dip and the selling volume is falling. This backing is precisely needed for the token to retrieve. As if the comeback took much time then it will be a tough job for the bulls to make the token recover.

If the price maintains the support, we hope the price to set the next resistance. The next resistance is more of a resistance zone which is why we predict the price to rebound to $17.75 – $19.25. This would indicate a price growth. We also predict the price to split the resistance zone to continue higher.

Conclusion

The ApeCoin could be a valuable investment. The project is still fairly immature and has the Bored Ape Yacht Club collection’s team behind it. The publicity and fanfare encircling the NFT collection should also help make the APE thrive in the medium to long term. Yet, it will be too early to predict anything about the $20 price mark.

You can purchase the APE on the crypto exchanges Coinbase and  Kraken.

CryptoTicker is thrilled to be the first German crypto news platform to release an NFT collection as a first stepping stone into its own Metaverse. To learn more about the NFTs and how to purchase them, click here.