Connect with us

Uncategorized

ApeCoin (APE) Price Prediction

Published

on

ApeCoin (APE) Price Prediction

Decided you want in on the action? You can buy ApeCoin on eToro today.

Over the past year, Bored Ape Yacht Club (BAYC) has risen drastically in popularity. The project has released non-fungible tokens (NFTs) that are owned by countless celebrities, ranging from rappers Lil Baby and Eminem to billionaire investor Mark Cuban. However, the NFTs are extremely expensive, and many smaller investors want a way to invest in the project without paying more than the $300,000 floor price at the time of writing. This demand caused BAYC to release its own token and give smaller investors access to invest in its projects.

What is ApeCoin (APE)?

On a surface level, ApeCoin is an ERC-20 token that serves as a governance token for the ApeCoin decentralized autonomous organization (DAO). ApeCoin, the ApeCoin DAO and Bored Ape NFTs all rely on the Ethereum blockchain for completing transactions, and it is used to help make decisions for the future of the token.

Advertisement

While ERC-20 governance tokens are fairly common in the crypto space, ApeCoin is hoping to provide extra utility to its users through a couple of unique programs and incentives. For example, the creators of the token allow for third-party developers to incorporate the token into their own projects. They hope that this will help the token grow, as well as provide utility for developers.

Another aspect of the project is that the creators set aside a large portion of the token supply to be used in the “Ecosystem Fund.” This fund can be used on projects that the community votes on. 

ApeCoin (APE) Market Position

At the time of writing, ApeCoin is trading at around $14, with a market capitalization of just over $4 billion. However, its fully diluted market cap is over $14 billion. This means that the project would be worth over $14 billion if all the tokens were in circulation, but only a fraction are as of right now. It currently ranks at 31 in terms of market cap, so there is certainly room for growth.

Some of its largest competitors are Enjin, Decentraland and The Sandbox. However, ApeCoin is uniquely positioned with its high-end NFT collection, which its competitors don’t have.

Advertisement

UpToBrain’s Bull Case For ApeCoin (APE)

UpToBrain is a cryptocurrency news site that focuses on price predictions through technical and fundamental analysis. It sees ApeCoin appreciating greatly in the next several years for a couple reasons.

As the crypto markets continue to slide, UpToBrain sees this also impacting ApeCoin’s price and believes that now is a solid time to buy. While the markets may not have reached the bottom, it believes that there will eventually be a large turnaround that will raise ApeCoin’s price.

Additionally, it does not see the hype surrounding the project slowing down. If more people become interested in the token and buy it, the price can increase. The ApeCoin team has hinted at the project’s involvement in gaming and the metaverse, which could further increase the hype. 

After taking into account multiple considerations, UpToBrain has set a price target of $67.06 in 2023 and $112.87 in 2026. 

Advertisement

EarthShaker’s Bear Case for ApeCoin (APE)

EarthShaker is a contributor on DanteHQ, a crypto-related forum. They see ApeCoin depreciating over 50% in the next one to two years for multiple reasons.

ApeCoin was created by Yuga Labs. The company generates most of its profit from BAYC sales, but it is hoping to shift its profit stream towards metaverse land sales. However, EarthShaker argues that this space is already fairly saturated, with major projects such as Decentraland (MANA) already owning a large portion of market share. EarthShaker believes that ApeCoin will not be able to gain any real traction in the metaverse space, which will force ApeCoin to depreciate.

Additionally, Yuga Labs is hoping to enter the gaming space. However, EarthShaker argues that this is another saturated market, and Yuga Labs will not be able to achieve the same success that it had with BAYC. Because of this,it sees ApeCoin depreciating to $7 in the next one to two years.

Where to Buy ApeCoin (APE)

1 Minute Review

Advertisement

Gemini is a cryptocurrency exchange and custodian that offers investors access to over 100 coins and tokens. Founded in the US, Gemini is expanding globally, in particular into Europe and Asia. Offerings include both major cryptocurrency projects like Bitcoin and Ethereum, and smaller altcoins like Orchid and 0x.

Gemini is 1 of the only brokers with multiple platform options based on skill level. New investors will love the streamlined interface of Gemini’s mobile and web apps, while advanced investors might appreciate all the tools that come with ActiveTrader. 

In addition to a host of platform choices, Gemini users also have access to insured hot wallets to store tokens without worrying about digital asset theft. Learn more about what Gemini can do for you in our review.

Advertisement

Best For

  • New investors looking for a simple mobile and web app
  • Day traders looking to use technical analysis tools
  • Users looking for a 1-stop-shop to buy, sell and store all of their cryptos

Pros

  • Easy and quick signups — can get started in as little as a 5 minutes
  • Multitude of platforms to accommodate traders of all skill levels
  • Hot wallets include insurance to protect your from theft and hacking attempts

Cons

  • Charges both a commission and a convenience fee for users buying and selling through the desktop or mobile app
Advertisement

ApeCoin’s immense popularity has caused it to be listed on a variety of major exchanges. However, Coinbase Global Inc. (NASDAQ: COIN), Gemini, FTX and eToro are among the best. These exchanges are well known for their security, low fees and ease of use. To get started, head over to their website and create an account. Most of the time, you can begin trading within 24 hours. 

How Long will it Take for ApeCoin (APE) to Reach $30?

Many crypto analysts see $30 as a major price target for ApeCoin. In late April, the token hit $26 at its highs but quickly fell back to its current levels of around $14. 

Advertisement

Multiple scenarios could result in APE reaching $30. First, the token is extremely volatile, so an upward trend from volatility could lift the price above $30. Additionally, Yuga Labs could bring the token to the metaverse and increase the hype surrounding the project, which could increase the price as well. However, both scenarios are completely speculative, and there is no telling where the price will go. 

Where to Store ApeCoin (APE) Safely

Wallets are a way to store cryptocurrency separately from any single exchange. Use of a wallet allows users to have full discretion over their fees and can be safer than holding your tokens in an exchange.

Best Hardware Wallet: Ledger

buy now securely through Ledger Hardware Wallet’s website

Advertisement

1 Minute Review

Launched in 2014, Ledger has transformed into a fast-paced, growing company developing infrastructure and security solutions for cryptocurrencies as well as blockchain applications for companies and individuals. Born in Paris, the company has since expanded to more than 130 employees in France and San Francisco.

Advertisement

With 1,500,000 Ledger wallets already sold in 165 countries, the company aims at securing the new disruptive class of crypto assets. Ledger has developed a distinctive operating system called BOLOS, which it integrates to a secure chip for its line of wallets. So far, Ledger takes pride in being the only market player to provide this technology.

Best For

  • ERC-20 tokens
  • All experience levels

Pros

  • Easy to set up and use
  • Supports more than 1,500 different digital assets
  • Tamper proof
  • Portable
  • Long-lasting battery
  • Bluetooth connectivity features
Advertisement
Advertisement

Hardware wallets are physical devices that store the private keys needed to send crypto. If the physical device is not present, the funds inside the wallet are locked. Hardware wallets are often regarded as the safest way to store crypto and NFTs.

Ledger is a brand of hardware wallet that supports all ERC-20 tokens. It offers Nano S and Nano X models. The Nano S offers rudimentary features while the Nano X supports ease of use with Bluetooth connectivity and a larger screen.

Best Software Wallet: MetaMask

Software wallets store private keys online. While this practice is not as safe, MetaMask is a software wallet that takes extra steps to ensure security of funds.

MetaMask encrypts all information on its servers. Information is accessed through a password, which can also have two-factor authentication. You can attach a hardware wallet to your MetaMask to make your trades efficient and safe.

Advertisement

BZ

Bonus Section:

Keep an eye out for news about ApeCoin’s use in gaming and the metaverse. These developments could impact the price.

Current Crypto Prices

The first quarter of 2022 has been one of the worst times for crypto to date, with major tokens depreciating 30% to 50% in a short time period. Many are wondering if the markets will bottom out soon or if they will continue to slide.

Advertisement

Regardless of where the markets are going, it is extremely important to stay updated in terms of crypto prices. Make sure to check out Benzinga’s up-to-date crypto price table to stay on top of current crypto prices. 

Is ApeCoin (APE) a Good Investment?

As of right now, ApeCoin is extremely speculative. While the team behind the project is solid, there is yet to be much real utility for the token. If the project can create real use cases for investors, then the token may appreciate. However, the price of the token is ultimately up to Yuga Labs’ execution.

Advertisement

analysis group

Report: The Metaverse Might Contribute $320 Billion To Latam’s GDP In The Next 10 Years

Published

on

Report: The Metaverse Might Contribute $320 Billion To Latam’s GDP In The Next 10 Years

A new report indicates that the metaverse might be a significant factor in the growth of economies in Latam and the world in the coming decade. The study, issued by Analysis Group, estimates that Latam might benefit from a surge of $320 billion or an approximate 5% of its GDP, in the next 10 years. This is the biggest percentage share of GDP of the regions in the study’s projection.

Advertisement

Analysis Group’s Metaverse Report

The metaverse is becoming a subject of intense focus in crypto and business at large, and many companies are already projecting the impact that it might have in several countries and areas in the future. In a recent report titled “The Potential Global Economic Impact of the Metaverse” issued by international economic consulting firm Analysis Group, the opportunities that the emergence of the metaverse could open in the next ten years are examined, assuming “adoption begins in 2022.”.

In the document, the researchers compare the rise of the metaverse with mobile technologies and examine the growth as if this new technology were to evolve in a similar way. This industry was selected “because of similarities to the metaverse in the way it combined existing and nascent innovations to fundamentally alter global technological and economic landscapes.”

Advertisement

Major Latam Growth and GDP Estimates

According to the report, the metaverse and its related activities have the potential of representing 5% of the GDP of Latam in the tenth year after adoption begins (2022), contributing $320 billion to the economies of the area. The report also projects that the growth in Latam will be the biggest percentage-wise, while the APAC region would have the biggest growth volume-wise, representing more than $1 trillion of its GDP.

Advertisement

Globally, the study estimates that the metaverse will generate $3.01 trillion, becoming more than 2% of the GDP of the world ten years from now. Per the report, this growth will only happen if the sector reaches its expected potential, having “far-reaching applications, with the potential to transform a wide range of economic sectors such as education, health care, manufacturing, job training, communications, entertainment, and retail.”

Other companies have also predicted the possible impact of this new activity and the economic opportunity it will present for different industries in the future. Grayscale, one of the leading cryptocurrency asset managers, estimated that the metaverse might become a $1 trillion business opportunity in the future. Goldman Sachs also predicts the metaverse will be an $8 trillion opportunity. JPMorgan has stated that this $1 trillion market “will likely infiltrate every sector.”

Advertisement

What do you think about Analysis Group’s metaverse report? Tell us in the comments section below.

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

Advertisement

Advertisement

Advertisement

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Advertisement
Continue Reading

Argentina

Argentinian Cryptocurrency Exchange Buenbit Announces Staff Layoffs

Published

on

Argentinian Cryptocurrency Exchange Buenbit Announces Staff Layoffs

Buenbit, an Argentinian cryptocurrency exchange, has announced a series of layoffs due to the downturn that traditional and crypto markets are currently facing. Buenbit’s co-founder and CEO, Federico Ogue, clarified that this move had nothing to do with the recent Terra ecosystem disaster and that from now on, the exchange would focus on keeping operations in countries where it already has an established presence.

Advertisement

Buenbit Announces Layoffs

Buenbit, an Argentinian cryptocurrency exchange, has announced a change in its hiring strategy due to the recent downturn that the cryptocurrency and stock markets are facing. According to some reports, the company will be laying off almost half of its current workforce across the three countries where it operates, including some senior executives.

Federico Ogue, co-founder and CEO of the exchange, stated on social media that these changes were the consequence of the tech industry facing a review phase. Ogue stated:

Advertisement

Given this new context, we decided to reduce our staff and pause our expansion plan to focus exclusively on operations in the countries where we are present today and maintain a self-sustaining and efficient structure.

Advertisement

Furthermore, Ogue revealed that this move had nothing to do with the recent collapse of the Terra ecosystem, even though the exchange did offer Terra-related services as part of its investment portfolio. “It is a decision that we have been working on for months. It is an adjustment that is taking place throughout the startup industry,” he explained.

Expansion Plans Halted

This new strategy ends the expansion plans the company had revealed during its Series A financing round, which raised $11 million for this goal in July 2021. The company announced that its focus will be to maintain the same quality of operations in countries where it is already present.

Advertisement

The company stated this was a proactive response to an upcoming problem, “in order to avoid, in the near future, the unnecessary exposure of the company to the dependence of raising a next round of investment, when the market numbers indicate that this is not the correct strategy to follow in the current context.”

Other exchanges have also announced changes in their hiring strategies due to the new direction of the global economic markets. Coinbase, a U.S.-based cryptocurrency exchange, recently noted it would slow down its hiring process to be in a better position during and after the current market downturn.

Advertisement

What do you think about the layoffs announced by Buenbit? Tell us in the comments section below.

Advertisement
Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

Advertisement

Advertisement

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Advertisement
Continue Reading

Central Bank

ECB Survey Finds 10% Of Eurozone Households Own Crypto Assets

Published

on

ECB Survey Finds 10% Of Eurozone Households Own Crypto Assets

One in every 10 households in six eurozone countries has acquired cryptocurrencies, the European Central Bank (ECB) has found with a new survey. While the richest are most likely to own crypto assets, poor families are not far behind, the poll indicates.

Dutch Households Lead in Terms of Crypto Ownership, ECB Survey Shows

Every tenth eurozone household has purchased bitcoin or other cryptocurrencies, according to the latest Consumer Expectations Survey conducted by the European Central Bank (ECB). Europe’s financial authorities are now trying to establish if the crypto market downturn could affect household budgets, Reuters reported.

Advertisement

The results from the latest edition of the monthly poll were announced Tuesday. The study reveals that an average of 10% of the households in six participating eurozone countries hold crypto assets. Among them, the Netherlands had the largest proportion of crypto owners at 14% while France ranked last with just 6%.

Some 37% of the respondents said they were holding up to 999 euros worth of cryptocurrency (approx. $1,070 at the time of writing), the monetary authority detailed, and 29% had between 1,000 euros and 4,999 euros. Another 13% owned between 5,000 euros and 9,999 euros. The balance had invested more than that, the report unveils.

Across these nations – Belgium, France, Germany, Italy, the Netherlands, and Spain – the richest 20% of the polled were most likely to own cryptocurrencies. At the same time, a greater proportion of lower-income households hold digital assets than the segment between the two groups.

The authors of the survey have also noted that young adult males and highly educated people were more inclined to invest in crypto. “With regard to financial literacy, respondents who scored either at the top level or the bottom level in terms of financial literacy scores were highly likely to hold crypto assets,” the ECB pointed out.

Advertisement

The eurozone’s central bank didn’t miss the opportunity to reiterate its stance that cryptocurrencies are unsuitable for retail investors. The regulator also called on EU authorities to urgently approve new rules for crypto assets in the 27-member bloc. The data has been published as part of ECB’s Financial Stability Review as European legislators are working to finalize the Markets in Crypto Assets (MiCA) legislation.

Tags in this story

Central Bank, Consumers, Crypto, crypto assets, Cryptocurrencies, Cryptocurrency, data, ECB, EU, European Union, Eurozone, Expectations, households, Legislation, Poll, Regulation, study, Survey

What do you think about the findings in the ECB’s Consumer Expectations Survey? Tell us in the comments section below.

Advertisement
Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

Advertisement

Advertisement

Image Credits: Shutterstock, Pixabay, Wiki Commons

Advertisement
Continue Reading

Trending