Apecoin (APE), the native cryptocurrency of the non-fungible token (NFT) collection Bored Ape Yacht Club (BAYC), became the biggest metaverse token by market capitalisation a little over a month after its release in 2022.
Created with the goal of becoming the “heart of art, gaming, entertainment and events on the blockchain”, the APE Foundation will be in charge of overlooking the decisions of the ApeCoin Decentralised Autonomous Organisation (DAO).
The crypto is responsible for administration, bookkeeping, project management and other tasks necessary to ensure the DAO community can build new Web3 applications and services, such as the APE NFT coin itself.
Let’s now take a look as some of the apecoin price history:
- The APE NFT crypto saw its value surge by 126.8% on the first day of launch, reaching $16.47, up from $7.2604 in less than 24 hours; the coin retreated to $14. 03 by the end of the day and continued to move sideways on 19 March 2022 before falling to just above $9 on 21 March 2022;
- by 24 March, the APE token price had climbed back to over $14 and peaked at $15.43 on 28 March 2022;
- in April 2022, the APE token price peaked on three occasions: on 10 April at $12.27, on 21 April at $17.31 and on 29 April at $26.19;
- on 14 November it fell down to $2.63 following the collapse of the FTX (FTT) exchange, but managed to recover to $4.54 on 11 December before sinking to a low of $3.27 on 17 December;
- APE closed the year at $3.64 and rallied in the New Year, breaking past $5 on 10 January and trading at around $4.85 the following day.
At that time, there were 361.26 million apecoin in circulation out of a total supply of one billion. This gave it a market cap of about $264m, making it the 28th largest token overall and the largest NFT and metaverse related crypto by that metric.
The biggest news to hit the world of ApeCoin recently has been the introduction of staking, which went live on 5 December 2022. ApeCoin also launched its own NFT marketplace, which went live on 23 November.
When speaking about any predictions for 2023, we have to remember that price forecasts, especially for something as potentially volatile as cryptocurrency, often end up being wrong.
Here are some Apecoin price predictions that were made as of 11 January 2023:
CoinCodex had a somewhat mixed short-term apecoin price prediction: the token could fall to $3.76 by 16 January before rising to $5.45 by 11 February.
DigitalCoinPrice made an upbeat apecoin crypto price prediction: the token’s value could steadily grow in the coming years, it will be worth $10.02 this year and reach $17.47 by 2025 and in 2030 it could be $50.18.
PricePrediction was also optimistic: the token could reach $5.87 this year and by 2025 it could grow to $12.64, then rocket to $79.46 by 2030.
Wallet Investor gave positive predictions: the token could be worth $9.23 in January 2024 before climbing to just below $27.69 in five years’ time.
We have to pay attention to the fact that cryptocurrency markets remain extremely volatile, making it difficult to predict accurately what a coin’s price will be in a few hours, and even harder to come up with a long-term target price. So, the only advice in this situation would be to always do your own research and look at the latest market trends, news, technical and fundamental analysis, and expert opinion before making any trading decision.
