ApeCoin flashes bullish rebound signs but there’s more to the story

Since its launch in April 2023, it has become one of the most traded cryptocurrencies. However, Pepe Coin’s (PEPE) market capitalization and price has dropped over time. Google Bard, a popular AI chatbot, has given its December 2023 price prediction for three tokens in the crypto space – Apecoin, Pepe, and Kangamoon. In this article we will analyze the market activity of these coins to give a most accurate analysis. ApeCoin may also gain from wider adoption in the metaverse and daily transactions.

The sale went viral, and helped raise $320 million within just 45 minutes. The fact that APE is adopted by Yuga Labs gives it heft, as it also has CryptoPunks and Meebits, two other frontline NFT projects.

ApeCoin (APE) is a governance cryptocurrency for the ApeCoin ecosystem. However, it has since seen a significant decline largely due to a broader market downturn. Additional upside of ApeCoin may be limited by the future expiration of the lock-up provisions on the tokens granted to contributors. For instance, Yuga Labs received 16% of the token’s total supply, with an initial lock-up of 12 months, meaning that they can’t cash out their tokens for that period. The Foundation facilitates decentralized and community-led governance and is
designed to become more decentralized over time. Culture has found new expression in web3 through art, gaming,
entertainment, and events.

However, the resounding rejection has left price tumbling back to 20DMA support – this now forms a critical level to watch, if APE bulls fail to establish support here – the cascading price action will continue. ApeCoin will be distributed among four main groups, as detailed in the chart
below. Wallets holding tokens alloted to the DAO treasury and resources can be
viewed here. He regularly writes about investing, student loan debt, and general personal finance topics geared toward anyone wanting to earn more, get out of debt, and start building wealth for the future. ApeCoin is being airdroped to holders of Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), and additional ones are allocated to holders that also have dog – the Bored Ape Kennel Club (BAKC).

what is apecoin

Bored Ape Kennel Club NFT owners were not eligible to claim the coin. Bored Ape NFT holders were eligible to claim a share of the ApeCoins that debuted earlier this year as the official cryptocurrency of the BAYC ecosystem. For example, YugaLabs, the parent company of Bored Ape Yacht Club, recently acquired CryptoPunks and Meebits – two other huge NFT projects. And when you look at the roadmap of ApeCoin, it’s clear they are trying to build an ecosystem for their brands to both interact and trade – likely using APE as the fundamental token.

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Apecoin (APE) in Crisis: Could It Be Nearing Zero?” – BeInCrypto

Apecoin (APE) in Crisis: Could It Be Nearing Zero?”.

Posted: Mon, 11 Sep 2023 07:00:00 GMT [source]

ApeCoin (APE) holders have been struggling recently as the value significantly declined. But, the recent on-chart data suggests a different outlook for its future. Using the market value to the realized value metric, it’s clear that the ApeCoin price has already left the danger zone. Soon, it could provide high yields for investors who are holding the crypto.

In addition, there are special events on the platform that give players extra rewards. Zoltan is a writer at Forkast with a deep passion for what is apecoin storytelling and blockchain. Prior to joining the team, he worked as a marketing and content writer, focused on software and technology.

what is apecoin

Additionally, they implemented a number of security features to protect users’ assets from theft or loss. ApeSwap was created to provide a simple, efficient, secure way to trade digital assets. The exchange is built on the Ethereum blockchain and utilizes smart contracts to facilitate trades.

ApeCoin is the governance and utility token that serves the Bored Ape Yacht Club (BAYC) community – and the collection of communities owned by its parent company, Yuga Labs. This airdrop has been one of the most anticipated in the NFT community due to the massive popularity of the Bored Ape Yacht Club brand. The project was developed to reward users for participating in the Bored Ape Yacht Club (BAYC) NFT collections. It also has the potential to be used as a currency on the Ethereum blockchain. The team behind ApeCoin includes experienced developers and entrepreneurs who have been involved in developing other popular projects such as CryptoPunks and Meebits. For 2026, our price prediction suggests a minimum price of $7.05 and an average estimated value of $7.24.

With planned ecosystem updates, we expect ApeCoin (APE) to experience an increase in value, reaching a maximum price of $2.32. Yuga Labs is a web3 company best known for the creation of the Bored Ape Yacht Club. It will be a community member in the ApeCoin DAO and adopt APE as the primary token across new projects.

  • There are 1 billion of them in total, with CoinMarketCap reporting that about 28% are currently in circulation.
  • The remaining part will be released as a component of the DAO’s ecosystem fund.
  • It is assumed that in 2026, the minimum APE price might drop to $$7.05, while its maximum can reach $$7.94.
  • However, its recent price action suggested an opportunity for bulls to reverse the losses.
  • For instance, Yuga Labs received 16% of the token’s total supply, with an initial lock-up of 12 months, meaning that they can’t cash out their tokens for that period.
  • However, a project that’s getting a lot of attention is Tradecurve Markets (TCRV), this hybrid exchange will combine the best CEX and DEX features.

It is estimated that APE will be traded between $$21.80 and $$26.27 in 2029. Although ApeCoin does have a real value, its connection to an NFT fund causes many to treat it as a meme token, if not an overhyped shitcoin. Investors have divided opinions on the ApeCoin cryptocurrency, with some being firmly behind it and others expecting its bubble to burst within weeks. As Bored Apes became mainstream, the company behind them, YugaLabs, used the momentum to launch new web3 applications.

Blockchain game company Animoca Brands announced in March that it will adopt the token for a new project being developed with BAYC. The token can also be used as an open currency for payments and transactions without centralized intermediaries. ApeCoin is an ERC-20 governance and utility token used within the APE ecosystem
to empower a decentralized community building at the forefront of web3.