ApeCoin (APE) Price Predictions • Benzinga Crypto

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

The Bored Ape ecosystem just became more accessible in the form of 1 billion ApeCoins. The famous NFT collection which holds a floor price of roughly 100 ETH airdropped Bored Ape and Mutant Ape holders 10,094 and 2,042 APE tokens, respectively.

Yuga Labs, the company behind the Bored Ape Yacht Club, claims they are not behind the token, rather, it is the ApeCoin DAO who technically launched this new cryptocurrency. Still, Yuga Labs plans to integrate ApeCoin into many facets of their rapidly growing Web3 portfolio. The token, which can now be bought on crypto marketplaces, has seen extreme volatility. The coin touched $15 after being priced at just $8 just 2 weeks prior.

What is ApeCoin?

ApeCoin is the governance and utility token from the Bored Ape Yacht Club. The token $APE grants access to the recently formed ApeCoin DAO. ApeCoin was launched by Ape Coin DAO on March 16, 2022. The long awaited token is built on top of the Ethereum network. More specifically, it is an ERC-20 token which can be used for both governance and utility. Holders of the token are able to create and vote on new proposals in the ApeCoin DAO and receive exclusive access to Bored Ape Yacht Club games, merchandise and events.

Within the DAO is “The Board,” a team of five business moguls who assist in the DAO’s operations. The board includes:

  • Alexis Ohanian – Co-Founder of Reddit and 776
  • Amy Wu – Head of Gaming at FTX
  • Maaria Bajwa – Investor at Sound Ventures
  • Yat Siu – founder and CEO of OutBlaze
  • Dean Steinbeck – CO-founder of Horizen Labs 

This star-studded board shows great promise for the DAO’s future. While the goal of DAOs is largely based around decentralization, the experience and connections these individuals possess prove critical for getting the organization off of the ground. Also promised on the ApeCoin website is the ability for DAO members to vote for future members of the board.

ApeCoin Market Position

According to CoinMarketCap, the current market capitalization of ApeCoin is over $4 billion. The max supply of the coin is one billion coins, with roughly one quarter of that supply circulating today. This valuation has ApeCoin in the top 50 for largest coins in the marketplace. This is an important insight as it gives light on how just large the DAO is, the amount of resources they hold and the overall value in comparison to other coins.

ApeCoin was distributed to Bored Ape holders as well as Mutant Ape holders. Yuga Labs, launch contributors, Bored Ape founders and charities also received an $APE airdrop.The site shows the distribution of the coin below:

Source: ApeCoin

While The Bored Ape Yacht Club is the most notable NFT project to release a token, they are not the only project exploring the capabilities a token could grant communities. Cool Cats, CyberKongz, and Kaiju Kingz have all released a token of their own. Despite competition, no NFT project with a token has come close to the market cap of ApeCoin. Also unique is the value that the board of the ApeCoin DAO brings.

For ApeCoin to continue to grow, the DAO will have to show real world utility, as hype and influencers can only carry it so far. With coin lockup periods expiring after 6 months, Yuga Labs, Launch Contributors, and Bored Ape founders will be given permission to sell their holdings. This is likely to cause the price to dip if there is no increase in demand by this time.

Snoop Dogg’s Bull Case For ApeCoin

Of the many celebrity Bored Ape owners, rapper Snoop Dogg is likely the most active in the community. Following the drop of ApeCoin, Snoop announced a special collaboration project with rapper Wiz Khalifa, exclusive to $APE holders. 

This could present a bullish case for the coin if other high profile apes start to release content that can only be purchased in $APE. The Bored Ape Yacht Club is expected to release gaming items, metaverse land, and real world items only accessible through ApeCoin.

Full Value Dan’s Bear Case For ApeCoin

Dan is a well known crypto analyst who owns youtube channel “Full Value Dan,” which has over 150k subscribers. Dan analyzes coins and deep dives into the tokenomics behind coins. In Dan’s recent ApeCoin video which he released March 27th, 2022, he states, “for myself I think it is overvalued at anything over $1 billion, and there are a lot of other projects available in the crypto space that could provide you more value.” 

Dan compares ApeCoin to Dogecoin, saying it is primarily driven by hype and influencers. His target of a $1 billion market cap means the coin is 4x overvalued. Dan explained he was skeptical about the actual utility of the token in his YouTube video.

Where to Buy ApeCoin

ApeCoin is now being traded on most exchanges, notably, Coinbase, Gemini, Voyager and Webull. The speed at which these exchanges listed ApeCoin was notably faster than most other popular altcoins. Dogecoin, for example, took months before getting listed on Coinbase, the largest crypto marketplace in the world. For an NFT project’s token to be accepted so widely and so quickly could signal validity for the project. 

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.

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

1 Minute Review

Webull, founded in 2017, is a mobile app-based brokerage that features commission-free stock and exchange-traded fund (ETF) trading. It’s regulated by the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA).

Webull offers active traders technical indicators, economic calendars, ratings from research agencies, margin trading and short-selling. Webull’s trading platform is designed for intermediate and experienced traders, although beginning traders can also benefit.

Webull is widely considered one of the best Robinhood alternatives.

Best For

  • Active traders
  • Intermediate traders
Pros

  • No charges to open and maintain an account
  • No account maintenance fees or software platform fees
  • Intuitive trading platform with technical and fundamental analysis tools

How Long Will It Take For ApeCoin To Reach $30?

With the price of $APE doubling in the first few days of trading it is possible to see a continued spike upwards. Plenty of consumers want exposure to the Yacht Club and have been priced out of the 100 ETH floor that the Bored Apes currently hold, so the coin offers a clear opportunity for those looking to get involved. 

In the short term, we could see another doubling of value as market participants fear missing the hype. The price could also drop to sub $5, as we have seen with many other airdropped coins, such as $SOS and $LOOKS. Volatility is to be expected with this token, 50% swings in both ways have already been seen in the coin’s valuation.

Where to Store ApeCoin Safely

For most users, it’s necessary to use both a software wallet and hardware wallet. A software wallet is used as a browser extension to connect to the Ethereum Virtual Machine (EVM). This is your ticket into Web3 and decentralization and can be used to interact with dApps, buy and sell NFTs and swap tokens. A software wallet is often referred to as a hot wallet. 

Just as important as a software wallet is a hardware wallet. Hardware wallets never connect to the internet, providing an extra layer of security. Your assets can be transferred into a hardware wallet and you will no longer have to fear phishing scams. A hardware wallet is strongly recommended if you have a large amount of money in crypto assets. These secure hardware wallets are often referred to as cold wallets.

Best Hardware Wallet: Ledger


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securely through Ledger Hardware Wallet’s
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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.

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

Owning a hardware wallet to safely store your ApeCoin, as well as any other assets you may own is a great idea. The crypto space is very vulnerable to scams, having a set of keys that is unexposed to the internet is a great practice. Ledger is a hardware wallet that has provided many in the crypto space an extra sense of security that software wallets do not. With its user-friendly interface and top tier security, it may be the right time to grab a ledger.

Best Software Wallet: MetaMask

A great software wallet to use is MetaMask. MetaMask can be added as a browser extension and seamlessly connects your laptop to Web3. Installation of MetaMask can easily connect users to SushiSwap, where tokens can be exchanged.

Current Crypto Prices

Crypto markets have been moving sideways after a sell-off in early 2022. However, the broader crypto markets have felt a resurgence after a fearful few months. Bitcoin broke out to over $46,000 with most alt-coins showing gains as well. This increase in positive consumer sentiment could be good for ApeCoin, at least in the short term. 

So, Is ApeCoin a Good Investment?

For those looking for a riskier bet in Web3, ApeCoin may be the one to take. With the DAO, Bored Ape community and future utility – this coin has serious potential. On the other hand, ApeCoin already boasts an incredibly high valuation. With bag holders’ ability to sell increasing overtime, the token will have to undergo mass volume increases to grow or even maintain its current value.