Bored Ape Yacht Club is certainly attracting attention this month. Between parent company Yuga Labs’ acquisition of fellow non-fungible token (NFT) project CryptoPunks and the launch of ApeCoin (APE-USD), the project is one of the most-talked-about areas of the blockchain industry right now. And it’s not slowing things down this week. Today, a blockbuster metaverse project announcement is bolstering the hype — and driving interest in ApeCoin price predictions.
The Bored Ape Yacht Club isn’t newly popular; the digital art collection has been one of the largest and fastest-growing NFT series in the world. Over $1.5 billion in Ethereum (ETH-USD) has been traded through Bored Ape transactions, making the series the third-largest NFT project by volume.
This month, the project is ramping things up further. First, Yuga announced its acquisition of the CryptoPunks intellectual property. Created in 2017, CryptoPunks is the second-largest NFT collection ever. The news has lead to excitement for both Bored Ape and CryptoPunk holders.
Last week also saw a catalyst by way of ApeCoin. While not explicitly a Yuga Labs product, the crypto is being fully adopted by Yuga as the official cryptocurrency of Bored Apes and all future products related to the collection. By bulking up its ecosystem with a native token, Yuga is helping grow the use cases for its NFTs. It’s also setting a standard for other NFT projects with a first-of-its-kind currency.
ApeCoin Price Predictions Surge on Yuga Labs’ Metaverse Announcement
ApeCoin had a massively successful start, barring a couple of missteps during launch. The token has already shot up in market capitalization; with nearly $3 billion in market cap acquired, the project is already among the top 50 largest cryptos in the world. And the hype isn’t through yet, thanks to an announcement from Yuga Labs. As a result, ApeCoin price predictions are on the rise.
Late Friday night, just a day after ApeCoin’s launch, Yuga Labs posted a teaser video to its Twitter (NYSE:TWTR) account. The video, as many are speculating, is the reveal of a Bored Ape metaverse called Otherside. This speculation is supplemented by an announcement last week from metaverse developer Animoca Brands, which said it has been developing a special project with Yuga Labs. Most importantly, the trailer states clearly that, whatever Otherside is, APE will fuel the project.
This morning, ApeCoin is trending down, losing 7% and trading at just over $10. However, the Otherside announcement stands to be a great catalyst for the token. As Yuga Labs provides more details and the project rolls out, there should be a lot more movement for APE.
So, with that in mind, let’s take a look at some ApeCoin price predictions and see what analysts think:
- WalletInvestor is not holding high expectations for APE. It predicts a slight gain up to $10.38 by March 2023.
- DigitalCoin is more bullish, predicting APE will grow to $13.04 by the end of 2022.
- Most bullish is PricePrediction, which expects ApeCoin to rise to an average target of $18.61 by December.
On the date of publication, Brenden Rearick did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.