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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.
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.
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.
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
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.
- 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
- 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
- Charges both a commission and a convenience fee for users buying and selling through the desktop or mobile app
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.
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
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.
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.
- ERC-20 tokens
- All experience levels
- Easy to set up and use
- Supports more than 1,500 different digital assets
- Tamper proof
- Long-lasting battery
- Bluetooth connectivity features
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.
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.
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.