ApeCoin (APE) is the official cryptocurrency of the Bored Ape Yacht Club NFT collection. Although the coin was created by ApeCoin DAO, It’s been adopted by Yuga Labs, the company behind Bored Ape Yacht Club and CryptoPunks. Yuga Labs plans to use ApeCoin as its preferred cryptocurrency for all new projects, including a metaverse called Otherside for Bored Ape Yacht Club NFT holders that it is currently creating.
The Apecoin price chart below displays the most up-to-date APE price.
ApeCoin Price History
However, ApeCoin was listed on most major crypto exchanges right after it launched, which is relatively unusual. That enabled traders to buy ApeCoin freely from NFT holders, and ApeCoin began selling on March 17 at a price of around $7.30. By the next day, the price spiked to more than $16 per coin, yielding a profit for NFT holders who opted to sell their airdropped coins.
The ApeCoin token price was highly volatile in its first few weeks of trading. After rising to more than $16 per token, it settled into a range between $10-$12. In April, Yuga Labs began minting land for the Otherside metaverse, causing renewed interest in ApeCoin. The price reached an all-time high of $27.60 on April 28, 2022.
Since then, the price of ApeCoin has fallen sharply. The coin fell to a low of $5.17 in May before recovering slightly to more than $9 per token. Today, ApeCoin is priced at $6.90.
This fall does not appear to have had much to do with factors around ApeCoin specifically. Rather, it has coincided with a significant decline in the broader cryptocurrency market, which some analysts are referring to as a ‘crypto winter.’ trading platform
At the current Apecoin (APE) price, ApeCoin has a total market cap of $2.0 billion and is the 33rd largest cryptocurrency by market cap. The coin has a supply of 1 billion coins, and coins can never be minted or burned. CoinMarketCap estimates that only 29% of the coin’s total supply tokens is currently available for trading on public exchanges.
ApeCoin Price Prediction
Now that you know where ApeCoin has been, let’s discuss where it may be going. ApeCoin has potential value in the not-too-distant future as the official cryptocurrency of Yuga Lab’s Otherside metaverse. It also has a fixed supply, which means that any change in demand for the coin will have a significant effect on the coin’s value.
Crypto analysts’ ApeCoin price prediction is that the coin will finish 2023 at a price of $1.88. However, it remains to be seen how long the sell-off in the broader cryptocurrency market lasts and to what degree this impacts ApeCoin. The coin had found support around $8, but has broken below that level in recent days. ApeCoin is currently above its next support level, which is around $6.