There are many positive developments in the Bored Ape Yacht Club ecosystem. What started as a simple NFT project is evolving to become an attraction for metaverse enthusiasts, gaming fanatics, and crypto investors. Many promises lie ahead, and BAYC delivered the first experience into the metaverse. That’s why Apecoin, the main token powering the entire ecosystem, recently thrived. Its prices soared by more than 100% as the crypto market stopped crashing. Is Apecoin a good investment till the end of 2022? Let’s analyze in this Apecoin price prediction article.
What is Bored Ape Yacht Club (BAYC)?
The Bored Ape Yacht Club is a collection of 10000 unique Bored Ape NFTs living on the Ethereum blockchain. It was created by four friends who wanted to make dope apes, test skills, and try to build something ridiculous. The project’s parent company is Yuga Labs, which also launched its pre-sale on April 23, 2021. The project believes in fair distribution and has fixed its membership and Bored Ape price as the same for all. The starting cost of one Bored Ape was 0.08 ETH.
Buying Bored Ape grants you a Yacht Club membership card and exclusive community access. More importantly, it gives you access to the BAYC Bathroom. The Bathroom contains a canvas accessible only to wallets holding at least one ape. Ape holders will be able to paint a pixel on the bathroom wall every fifteen minutes. It is yet to be operational and will go live after its pre-sale period is over. According to the BAYC website, pre-sale is at 80% and should attain the 100% mark before Q4 2022. The native and governance token of the project is ApeCoin.
What is Apecoin Crypto?
ApeCoin is the governance and native cryptocurrency of the APE and BAYC ecosystem. Its design enables it to become the decentralized protocol layer for activities within the community and its ecosystem. It is also an ERC-20 token that developers use to empower and incentivize decentralized community building at the forefront of web3. Token holders govern themselves via the decentralized governance framework controlling the ApeCoin DAO.
Holders of the token can also vote on how to use the DAOs ecosystem funds. Apart from Yuga Labs’ Bored Ape Yacht Club, ApeCoin is also an affiliate of the APE Foundation. APE Foundation ensures that it administers proposals by the token holder, allowing them to collaborate through open and permissionless governance. Since ApeCoin is an ERC-20 token on Ethereum, the blockchain’s proof-of-work (POW) consensus mechanism secures it. The token also acts as incentivization for developers who incorporate it in their products, games, and services.
Apecoin price is up by more than 100% – What’s Happening?
The crypto crash took a heavy toll on most cryptocurrencies in the market. Most of them fell by more than 70% on average, while other projects totally collapsed. Apecoin was just launching its token sale in the midst of the crash and managed to x3 within a month of launch. However, the anticipation for prices to go higher faded after just a few days.
The sale price was around $8 per APE, and prices soared to reach a high of almost $28. However, Apecoin’s price crashed back in May 2022 and reached a low of around $3. From that low, crypto prices in general started to recover. Moreover, the Otherside metaverse (which is part of the BAYC ecosystem) launched a demo of their new world where thousands of players joined the event. This helped the project show that their roadmaps still stand strong despite the crash. Apecoin price today is sitting around $7.5, recovering back towards the initial coin offering at $8.
Apecoin Price Prediction – Will Apecoin reach $20 again?
APE price is currently sitting at a very important price. The $7.5 price area represents a strong resistance and APE might retrace lower towards $6.5 and $6. However, if the momentum of the crypto market continues strong, we expect APE to break above the resistance of $7.5 and reach the next short-term target of around $9.
Once this stage is set, we should see another break of the psychological price of $10 to anticipate another bullrun towards $15 as a first target, then towards the $20 price.
Most cryptocurrencies are still highly affected by Bitcoin on one hand, and by the overall crypto market sentiment on another. That’s why it is always advisable to keep a lookout on what’s happening in the crypto market and to watch out for crypto trends. Make sure to follow us on Google News to stay updated on the latest price predictions!
You might also like
