ApeCoin’s Price Prediction Shows It’s a Good Bet
How could staking and the Otherside metaverse help ApeCoin? What's the cryptocurrency's price prediction?
Apr. 28 2022, Published 2:35 p.m. ET
Investors are curious about ApeCoin, a token associated with the popular Bored Ape NFT series. What's ApeCoin's price prediction?
You may be watching ApeCoin because you're on the lookout for the next Bitcoin, Ethereum, Dogecoin, or Shiba Inu, or you're trying diversify your portfolio. Let's see what ApeCoin's about and if it's a good buy.
What does ApeCoin do, and how does it work?
ApeCoin launched in March 2022 as the official cryptocurrency of the Ape NFT community, which comprises fans of the Bored Ape Yacht Club (BAYC), Mutant Ape, and Bored Ape Kennel NFT collections by Yuga Labs.
The token performs payment and governance functions. ApeCoin can be used to make purchases across the Ape NFT ecosystem, and grants voting power in the Ape NFT community. The token is also used in Yuga Labs’ Otherside metaverse. ApeCoin's supply is capped at 1 billion tokens. In the month after launching, ApeCoin drew about 60,000 investors.
Is ApeCoin a good investment?
The Ape community is discussing ApeCoin staking, which would give investors the opportunity to earn more from their holdings. Staking would also reduce the token’s circulating supply, which could boost its value.
The launch of Yuga Labs’ Otherside metaverse promises to expand ApeCoin's prospects further. Investors need the token to pay for land purchases and other transactions in Otherside, which would create more demand for ApeCoin.
ApeCoin's price prediction looks promising
Cryptocurrencies are notoriously volatile, but there are good reasons to believe that ApeCoin’s future is positive. If the community approves ApeCoin staking, the crypto could become even more valuable—both because of the extra earning opportunity and scarcity created by staking.
Also, the Ape NFTs are luxury brands, with floor prices that exclude many investors. The ApeCoin, at just a few dollars, offers a low-cost avenue into the Ape NFT community, and there are plenty of fans who would jump at the opportunity to join it.
