The ApeCoin ecosystem was born out of the Bored Ape Yacht Club (BAYC) non-fungible token (NFT) collection. It was designed to provide access to exclusive events, games, and services.
$APE is the native governance token built on the Ethereum blockchain, which gives investors a chance to participate in the decisions behind this ecosystem.
While APE has suffered from downward momentum over the past year, some ApeCoin price predictions expect its luck to soon change.
What is ApeCoin?
ApeCoin was launched in March 2022 by the APE Foundation and plays a major role in the APE ecosystem, a range of NFTs and metaverse products linked to the BAYC collection.
The BAYC, known for its collection of 10,000 unique cartoon ape NFTs, gained significant popularity during the NFT boom of 2021, with some of its rarest pieces fetching for hundreds of millions of dollars.
ApeCoin was designed to continue this momentum. As an ERC-20 token, ApeCoin serves as both a utility and governance cryptocurrency for the BAYC community.
It enables holders to actively participate in the ecosystem’s decision-making through the ApeCoin DAO. It also offered access to exclusive events, games, services, and merchandise. The token’s introduction marked a significant step in blending the NFT collection’s popularity with functional cryptocurrency utility.
The ApeCoin DAO
The ApeCoin DAO aims to maintain and develop its ecosystem in a fair and inclusive manner, giving APE holders the opportunity to engage in governance through a transparent and open process.
Its official website said: “ApeCoin DAO exists because decentralized governance is critical to building and managing a globally dispersed community—and therefore critical to the success of the APE ecosystem.”
The APE Foundation implements the decisions made by the DAO members. This is completed through its administrative council known as the Board, which is responsible for the day-to-day administration, bookkeeping, and project management. Their main role is to ensure that the community’s ideas are supported and realised.
ApeCoin holders have the power to vote on Board members, directly influencing the ecosystem’s direction.
The APE Foundation also manages the Ecosystem Fund, controlled by a multisig wallet. This finances its operations as directed by the ApeCoin DAO.
APE price history
After launching, APE initially saw bullish price momentum, which it has struggled to hold onto for the long-term.
According to CoinMarketCap, ApeCoin went live at $8.53 on 18 March 2022. The following day it climbed to $13, where it roughly stayed for the next month.
The cryptocurrency soon after rocketed to a peak of $23.65 on 29 April, and has failed to reach that level since.
In line with the wider market crash after the collapse of Terra, APE plummeted throughout May, dropping to $7.20 at the end of the month. It continued falling, stooping to a monthly low of $3.08.
The cryptocurrency did pick up momentum again at the beginning of August. This occurred alongside various progressions with different ApeCoin DAO proposals. One of the passed proposals included a feasibility study on hosting an NFT Conference & Festival called Web3 Village.
Alongside the bustling community activity, APE managed to climb back to $7.50.
However, the cryptocurrency soon continued its downward trajectory. It fell below $5 in September and back to $3 in November.
This bearish trend was maintained into 2023 as well. It fell to the $2 mark in June and eventually $1.50 in August.
As of 23 November, APE was trading at $1.47, up 5.3% in the past 24 hours and down 0.7% in the past week.
ApeCoin price prediction
There was a mixed consensus when it came to APE crypto price predictions. CoinCodex said there was “neutral” sentiment, with 17 “bullish” technical indicators and nine giving “bearish” signals. Its ApeCoin price prediction for 2023 said it would drop to $1.35 in five days’ time, before climbing back to $1.60 in a month.
Similarly, PricePrediction said APE would average out at $1.61 this year. Its ApeCoin price prediction for 2024 gave a maximum price of $2.70. By 2025, APE was anticipated to hit $3.63. The ApeCoin price prediction for 2030 suggested it would recover back to $18.83.
DigitalCoinPrice was even more bullish with its APE token price prediction. The site gave an average price of $2.99 for this year and $3.70 for 2024. Its ApeCoin price prediction for 2025 anticipated a rise to $5.21. APE was then suggested to hit $14.96 in 2030.
Gov Capital predicted APE to skyrocket in the coming years. Its ApeCoin crypto price prediction said it would hit $6.70 in a year and $42.98 in five years’ time.
Should I invest in ApeCoin?
It depends. Most APE price predictions are positive with Gov Capital and DigitalCoinPrice anticipating an upward trajectory. However, the cryptocurrency market is volatile and you should never invest more than you can afford to lose.
Is ApeCoin a good investment?
APE was designed as a governance and utility token to support the ApeCoin ecosystem of NFTs and metaverses. Investors should be cautious and always conduct thorough due diligence.
Disclaimer: The information provided in this article is for informational and educational purposes only and should not be construed as financial advice. CoinNews and its authors are not financial advisors or experts. We recommend that you consult a professional financial advisor or conduct thorough research before making any investment decisions. Cryptocurrency investments carry a high degree of risk, and you should only invest an amount you are willing to lose. The opinions expressed in this article are those of the author and do not necessarily reflect the views of CoinNews or its affiliates.