Introduction
ApeCoin is a token designed to support and empower a decentralized community focused on pioneering Web3 technology. This token I was watching and analyzing from the very beginning since March 2022. There is a lot that happened to ApeCoin that I want to talk about. The entire journey and how this token lost 90% of its value.
What are the utilities of ApeCoin?
Speaking of utilities, I would like to underline the most significant ones:
Governance: One of the cool things about ApeCoin is the governance model. If you’re holding APE, you get to vote on the future of the project through the ApeCoin DAO. I’ve followed some of these votes myself, and it’s pretty empowering to see how decisions are shaped by the community. But, honestly, I haven’t participated much since I prefer to observe from the sidelines until I see a proposal I’m truly excited about.
Access: Owning ApeCoin isn’t just about trading. It opens up doors to exclusive events, especially in the metaverse and sometimes even in real life. I’ve seen some metaverse events that looked pretty cool, but I haven’t jumped into those just yet—mostly because I’m waiting for the right moment or event that really grabs my attention.
Staking: ApeCoin’s staking launched in December 2022, and it caught my eye because of the high returns—up to 90% annually! The first couple of months were wild, especially for Bored Ape Yacht Club (BAYC) NFT holders, who got even more rewards. I didn’t jump on that right away, though, because I like to take a cautious approach. I’ve learned my lesson from previous staking experiences where the numbers looked great but the risks were real.
Currency: Believe it or not, you can use ApeCoin as a form of payment. One standout moment for me was when Gucci announced you could pay with APE tokens. I remember thinking, “Wow, mainstream adoption is here!” It’s one of those small but significant steps for crypto as a whole.
What is BAYC?
The Bored Ape Yacht Club (BAYC) is probably one of the most iconic NFT collections out there. It features 10,000 unique digital apes, each with its own combination of traits. When I first saw the BAYC hype, I thought it was insane—people spending thousands (or millions) on digital monkey pictures. But when the ApeCoin airdrop happened in 2022 for BAYC holders, it all clicked. Suddenly, those NFTs weren’t just collectibles, they were assets that could generate real value.
I was watching the NFT market closely back then, and I saw how the hype peaked. I even considered diving into the BAYC craze myself, but honestly, I couldn't justify the price tags. And looking at the way NFT prices have dropped since, I’m kind of relieved I didn’t. According to CNBC, Justin Bieber's $1.3 million BAYC dropping to around $60,000 was a wake-up call for the entire market.
ApeCoin price prediction
After this token was listed on the largest crypto exchanges, it showed an initial sharp spike shortly, followed by a significant decline nine times from the all-time high. After a decline, there is a period of sideways movement, an indication consolidation.
The current price is around, showing some recent positive movement from the all-time low of $0.84. The price around $0.95 is a support level, as indicated by recent consolidation and slight upward movement.
Short-term price prediction
If the price breaks above the current resistance level of around $1.00, it could target the next resistance level of around $1.30. Otherwise, if the price breaks the current support level, it could retest levels around $0.84 or even lower.
Long-term price prediction
It depends on several factors, like market conditions, developments within the BAYC ecosystem, and overcrowding in the cryptocurrency market.
If we hear positive news about the increasing utility of ApeCoin or its significant adoption within the NFT community, the price could recover to previous high levels, potentially targeting $2.6 and beyond.
Conclusion
ApeCoin’s journey has been wild, to say the least. I’ve seen it at its peak and watched it struggle, but that’s the nature of the crypto game. If you’re thinking about jumping in, do your research and know the risks. I’ve made my fair share of mistakes in this market, but I’ve also learned a lot. Sometimes, it’s all about patience and timing.
Crypto can be a rollercoaster, and ApeCoin is no exception. Who knows what the future holds? But for now, I’m taking a cautious approach and watching from the sidelines.
