Apecoin gained more than 100% in the last month! Buy cryptocurrencies APE?

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 fans, and crypto investors. There’s a lot of promise ahead, and BAYC delivered the first experience in the metaverse. This is why Apecoin, the main token that powers the entire ecosystem, recently thrived. Their prices skyrocketed by more than 100% when the crypto market stopped crashing. Is Apecoin a good investment until the end of 2022? Let’s discuss in this Apecoin price prediction article.

What is Bored Ape Yacht Club (BAYC)?

The Bored Ape Yacht Club is a collection of 10,000 unique Bored Ape NFTs living on the Ethereum blockchain. It was created by four friends who wanted to make stoned apes, test skills and try to build something ridiculous. The parent company of the project is Yuga Labs, which also launched its presale on April 23, 2021. The project believes in fair distribution and has set its membership and price of Bored Ape as the same for everyone. The initial cost of a Bored Ape was 0.08 ETH.

metaverse from the other side

Purchasing Bored Ape grants you a Yacht Club membership card and exclusive access to the community. More importantly, it gives you access to the BAYC bathroom. The bathroom contains a canvas accessible only to wallets that have at least one ape. Monkey keepers will be able to paint a pixel on the bathroom wall every fifteen minutes. It is not operational yet and will be released once its presale period ends. According to the BAYC website, the presale is 80% and should reach 100% before the fourth quarter of 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 allows it to become the decentralized protocol layer for activities within the community and its ecosystem. It is also an ERC-20 token that is used by developers to empower and incentivize the creation of decentralized communities at the forefront of web3. Token holders govern themselves through the decentralized governance framework that controls the ApeCoin DAO.

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Apecoin

Token holders can also vote on how to use the funds from the DAO ecosystem. In addition to Yuga Labs’ Bored Ape Yacht Club, ApeCoin is also an affiliate of the APE Foundation. The APE Foundation ensures that it manages the token holder’s proposals, 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 an incentive for developers to incorporate it into their products, games, and services.

Apecoin Price Is Up Over 100% – What’s Going On?

The collapse of cryptocurrencies took a heavy toll on most cryptocurrencies in the market. Most of them fell by more than 70% on average, while other projects collapsed completely. Apecoin had just launched its token sale in the midst of the crash and achieved x3 within a month of launch. However, the anticipation of prices rising faded after a few days.

The selling price was around $8 per APE, with prices soaring to a high of almost $28. However, the price of Apecoin crashed in May 2022 and reached a low of around $3. From that low point, cryptocurrency prices in general began to recover. Also, the Otherside metaverse (which is part of the BAYC ecosystem) released a demo of their new world where thousands of players joined the event. This helped the project demonstrate that its roadmaps remain strong despite the accident. Apecoin price today is around $7.5, recovering towards initial coin supply at $8.

APE/USD 1-day chart showing Apecoin price
Figure 1 APE/USD 1-day chart showing Apecoin price – GoCharting

Apecoin Price Prediction: Will Apecoin Hit $20 Again?

The price of APE is currently at a very important price. The $7.5 price area represents strong resistance and APE could pull back towards $6.5 and $6. However, if the crypto market momentum remains strong, we expect APE to break above the $7.5 resistance and reach the next short-term target around $9.

Once this leg is established, we should see another psychological price break of $10 to anticipate another bull run to $15 as a first target, then $20 price.

APE/USD 1-day chart showing the important areas of the APEcoin price prediction
Figure 2 APE/USD 1-day chart showing important APE areas – GoCharting

Most cryptocurrencies are still heavily affected by Bitcoin, on the one hand, and general cryptocurrency market sentiment, on the other. That is why it is always advisable to keep an eye on what is happening in the cryptocurrency market and keep an eye on cryptocurrency trends. Be sure to follow us on Google News to stay up to date on the latest price predictions!


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