The current market price of Apecoin is $2.93 (as of November 15, 2022) and has increased by about 10% in a single day. Although it decreased by more than 31% for 1 week, it is still worth noting its 10% increase in 24 hours. Let’s try to explore various developments in the Apecoin ecosystem that have practically contributed to its price increase.
BitPay, a payment service provider, recently (On November 8) announced the acceptance of Apecoin by the American team of yacht brokers and charter specialists.
In August 2022, BitPay already announced its support for Apecoin, meaning BitPay merchants could make payments in APE, and other users could buy, sell, and trade Apecoin without any problems. Now, acceptance by yacht brokers is great news for Apecoin and its users. It means that people can now buy their yachts using APE.
Apecoin Price Prediction: Apecoin Treasure Is Held in Coinbase Custody
In another Tweet on November 14, 2022, Apecoin reassured its community that it does not hold any assets on FTX. Taking into account the current scenario with FTX, Apecoin has clarified that its treasury is held via Coinbase Custody in segregated custody accounts.
Note that Coinbase Custody is known for providing its clients with easy online access to holdings and allowing them to safely participate in trading.
What Is Apecoin?
ApeCoin is a cryptocurrency affiliated with the Bored Ape Yacht Club based on the ERC-20 blockchain. Apecoin brings a long-awaited governance aspect to the APE ecosystem. Among other things, ApeCoin represents a governance token (in other words, voting rights), giving ApeCoin holders a say in project development and important decisions.
As a way to show gratitude to its current community, ApeCoin has decided to dedicate a portion of its reserve to holders of NFT Bored Apes or Mutant Apes, rewarding them with free airdrops. The amount of airdrop depended on the rarity of the NFT and the number of NFTs held by the person.
Here are some facts about Apecoin:
- Ape Foundation launched the bee coin. Ape Foundation says Ape Coin will be community-driven with the Foundation’s role as an administrator and not an overseer. Apecoin DAO will rule the community
- Apecoin like many other cryptocurrencies is an ERC-20 token issued on the Ethereum Blockchain
- Around 15% of circulating Ape coins have been sent to current holders of NFT BAYC and MAYC
- Apecoin is likely to be used as a game to earn currency in the future. It is expected that as Yuga Labs strengthens its position in the Metaverse space, Apecoin will see an increase in demand for its cryptocurrencies.
- Apecoin is currently in 35th place in market capitalization with nearly $300 million outstanding
- Apecoin reached its all-time high of $39 in the last week of April and reached its lowest point of the year on June 19, 2022. Apecoin rose 40% from its bottom in a week
- You can also earn interest by betting Ape
What are the uses of Apecoin?
- APECOIN is a utility token that can be used to purchase gaming products developed by the BAIC community.
- It works as a third-party developer in the ecosystem by integrating APE into games, projects, and other services.
- APE is adopted as an incentive for players in Benji Bananas, a play-to-earn mobile game developed by Animoca Brands. Benji Bananas offers a Membership Pass (“Benji Pass”), an NFT that allows its owners to earn special tokens while playing Benji Bananas and will also allow such tokens to be exchanged for Apecoin.
What are the benefits of using Apecoin?
- BAYC (the most expensive collection of NFTs) is behind APECOIN. Therefore, this coin has a good reputation from others due to approval.
- An important competitive advantage of Apcoin is its association with Yuga Labs, arguably the most influential presence in the NFT space. As a result, Apecoin benefits from all the share capital associated with the Bored Ape Yacht Club and all other projects in the Yuga Labs ecosystem.
- In addition to NFT rewards, APECOIN allows payment options and other exclusive features within the APE ecosystem.
- APECOIN has been in the spotlight since its appearance. Creators offered many incentives to increase their usefulness.
What Is Apecoin?
Why is Apecoin falling?
The price of Apecoin has fallen recently. The current market price of ApeCoin (APE) is $3.24 (as of November 11, 2022).
The various reasons behind the decrease in its price may include the consumer price index and the SEC’s investigation of Yuga Labs. Let’s try to explore various reasons for its decreased price.
The price of Apecoin dropped from over $4 to less than $3 in the 7 days.
Consumer Price Index:
The latest consumer price index number (as of September 2022) in the United States is 296.76. The value was 280.13 at the beginning of 2022 and has been steadily increasing over the last three months (as illustrated by the chart below). The value of the CPI has been changed by 0.39% since August 2022 and by 8.225 since 1 year ago (September 2021), which shows that there is an increase in inflation in the United States.
The increase in the CPI may also be one of the reasons contributing to the drop in the price of ApeCoin. Let’s try to understand why. The consumer price index measures the degree of inflation in any economy. An increase in the CPI means that inflation is rising, i.e. the price of essential goods is rising. Ultimately, it translates into a reduction in demand for non-essential services (or services and products that are not the basic necessities for life, such as gaming). It is understood that gambling is a non-essential part and will be more likely to affect inflation. This can eventually affect the price of cryptocurrencies based on games like ApeCoin.
The SEC is investigating Yuga Labs
Yuga Labs is the company behind the Bored Ape Yacht Club, and the SEC’s investigation into Yuga Lab’s NFT collection may be another reason for the decrease in the price of ApeCoin. It is because the popularity of Bored Ape Yacht Club has been one of the crucial factors behind investor interest in APE. BAYC popularized monkey-based art and thus Apecoin.
Last month, the SEC was investigating Yuga Labs NFT and Apecoin to find their similarity to the stocks. Although Yuga Labs did not create Apecoin nor was found guilty of any wrongdoing, it can really be a reason why investors are not willing to buy Apecoin currently.
Will ApeCoin rise or Apecoin recover?
The cryptocurrency market
has been highly volatile this year, and considering market conditions, the overall cryptocurrency market is expected to remain lower this year. As for Apecoin, it could follow the market trend for the coming months. However, in the future, there are more chances for Apecoin to recover. Therefore we expect Apecoin to rise. Here are the reasons behind it:
- Apecoin is supported by BAYC which is the most expensive collection of NFTs.
- Apecoin also has a competitive advantage with its association with Yuga Labs. As Yuga Labs increases its presence in the Metaverse space (with investments lined up and some executions initiated), the demand for Ape Coins will increase fueling the price of the cryptocurrency.
- as a payment method will help Apecoin rise higher. Gucci is the first major brand to accept the Ape coin as payment.
- Apecoin has a proven track record. It almost reached $40 a few months ago. Therefore, when cryptocurrencies recover, Ape Coin will benefit much more than others.
Risks: The cryptocurrency falls again due to the economic slowdown/recession. There is a moderate possibility right now. The cryptocurrency market is also exposed to systemic risks such as other cryptocurrencies or companies in this industry failing. Finally, delays in execution by Yuga Labs could lead to lower demand for Ape Coin which affects its price in the short term if not in the medium and long term.
Fed rate forecast
Federal funds rates are an important factor contributing to the growth of an economy. Therefore, they can also affect cryptocurrency prices in a certain way.
According to the latest press release, there may be another increase in tariffs. Although the final decision will be made on December 14, there is plenty of data that favors the increase in Fed Funds rates. Explore.
Let’s talk first about the US November inflation data. Inflation is expected to continue to rise, which may result in a 75 basis point hike in the Fed’s rate. Another factor is the labour market, i.e. the employment situation in the country.
Recent reports state that in October 2022 US employers hired more employees than necessary, and the labor market is stronger than expected in 2022. According to the BLS press release, total nonfarm employment increased by 261k in October. Note that in order to squeeze liquidity, the US Fed aims to maintain an unemployment rate of 7.5% and currently stands at 3.7%. It means there is the highest chance of a Fed rate hike.
How will rising federal funds rates affect ApeCoin?
Raising interest rates by the Federal Reserve can certainly result in spending cuts by investors.
High inflation and, therefore
, high feeding rates can have an impact on people not to risk their money in games and therefore in Apecoin. An increase in the Fed rate can lead investors to choose other investments, such as banks, brokerage firms and cash-rich companies, instead of speculative investments (such as cryptocurrencies), such as Apecoin.
In case more people reduce and sell their ApeCoin in this scenario, cryptocurrency prices will continue to remain low.
ApeCoin Price Prediction 2022, 2023, 2025, 2030
Apecoin Price Prediction 2022
The aggregate prediction Apecoin Price 2022 is $7. 06. Also, if Apecoin earns 30% per month for the next two months, the price prediction of Ape Coin 2022 is $8.19.
Apecoin Price Prediction 2023
By the end of 2023, Apecoin is expected to reach $16.38 provided that the price of Apecoin increases by 50% per year.
Apecoin Price Prediction 2025
For the end of 2025, Apecoin Price’s overall forecast is $22.3. Using mathematical calculation, if APE earns 30% annually, by the end of 2025 the price of Apecoin could be $18.
Apecoin Price Prediction 2030
The aggregate price forecast of APE 2030 coins is $111.
How to buy Apecoin?
The ERC-20 token, the native token of Bored Ape Yacht Club, Apecoin has been one of the best performing cryptocurrencies this year. However, there have been many requests about how Apecoin can be purchased. Here is a complete guide to buying Apecoin:
- Look for exchanges where Apecoin is listed to trade
With the cryptocurrency craze, exchanges offering cryptocurrencies for trade have multiplied. However, each exchange has a limited number of cryptocurrencies listed on its platform to trade. Therefore, before investing the first task will be to list the number of exchanges that Apecoin offer for trade. Once the exchanges are listed, the second task will be to choose the right exchange. Each exchange has its own transaction fee, therefore, it will be advisable to study it before zeroing on an exchange.
- Opening an account with the Exchange
Once you have decided which exchange to trade with, the second step will be to open an account with the exchange. Since cryptocurrency trading involves finances, you will be required to provide proof of your ID for verification purposes. In addition, you will need to add a bank account or any payment method to activate your account. Once done, it will depend on the exchange to activate your account. The exchange verifies your data if everything matches your account will be activated.
- Add money to trade
Once your account
is verified and the bank account or any other payment method is linked to the exchange, the next step is to fund your account. The user will have to add money before making any operation. Fiat directed to trading cryptocurrencies may not be possible, so the money is added to the exchange’s wallet and then you will be able to make purchases.
- Buy APEcoin
After adding the money to the wallet, you will need to buy Apecoin from the exchange. Since each exchange has multiple cryptocurrencies listed, you’ll need to look for APE or Apecoin and then click Trade. Once done you can specify the quantity or number of Apecoin you want to buy. After that, you can simply click Buy and you will have completed your first Apecoin trade.
- Storage of Apecoin
Once the purchase is made, the next step is to store the Apecoin. Storage depends on the user himself. A user can store the purchased Apecoins in the wallets of the exchange or for security reasons, he can transfer the purchased amount to a secure external wallet.
Where to buy Apecoin?
Apecoin is one of the fastest growing cryptocurrencies and multiple platforms have listed Apecoin for trade. Some of the exchanges where you can buy Apecoin are:
Crypto.com: Crypto.com is one of the most popular crypto exchanges with Cronos as its native currency. The platform allows a deposit of $50,000 per day through the US bank checking account. The preference of this method is advisable as the exchange does not charge any deposit fee when you opt for this payment method. The Crypto.com exchange fee is 0.4% per slide.
You can have a much lower exchange fee if you consider trading in CRONOS, crypto.com’s native token.
Binance: Binance is one of the most famous crypto exchanges and has a large number of cryptocurrencies listed in it. The best part about trading Binance is that it allows you to trade currencies that are not different and not just USD. In Binance, Apecoin is traded with Bitcoin and BUSD.
Binance has a much lower exchange fee than crypto.com. Binance’s exchange fee per slide is $0.10. But this fee is only applicable if Apecoin is traded against the Bitcoin pair.
If you choose to buy ApeCoin instantly on Binance with your debit or credit card, a higher exchange fee and deposit fee are charged. The exchange fee per slide is 4.5% and the fee is 0.5%.
Binance has slightly different steps to follow to buy Apecoin. Here are the steps you should follow to buy or trade Apecoin on Binance:
Create a free account
- on the Binance website or app: You can create a free Binance account in three steps:
- Register via the Binance app
- Register via the website using your email
- Register via the website using your mobile number
- Choose how you want to buy the ApeCoin (APE) asset: The payment methods on Binance are:
- Credit/Debit Card
- Bank deposit
- P2P Trading
- Third-party payment
Binance allows you to buy cryptocurrencies at the selected price for 1 minute, after which the price is updated to the spot price.
Store or use
- your ApeCoin (APE) in Binance: The last step is to store your purchased Apecoin or use it as a crypto pair to buy other cryptos, if available.