Popular meme token ApeCoin (APE-USD) is selling off in dramatic fashion today due to destablization in other crypto assets. This drop comes alongside the larger market, which is plunging 10%. APE is currently down nearly 40% for the past 24 hours. Accordingly, investors may be interested in knowing if expert ApeCoin price predictions suggest the bleeding will stop, at some point.
Much of today’s crypto market action is tied to the obliteration of algorithmic stablecoin TerraUSD (UST-USD) and closely related coin Terra (LUNA-USD). Today, LUNA has dropped more than 90% as investors weigh the potential demise of UST.
Terra can be used to stabilize UST, which is supposed to be pegged to $1 in USD. This stablecoin has fallen off its peg, however, falling below 30 cents in earlier trading and now at around 67 cents as of this writing. This drop has led to concerns across the crypto world.
With stablecoins as an integral part of the crypto world, most major cryptocurrencies are down big today. For altcoins and meme tokens like ApeCoin, this drop is even more pronounced. Accordingly, the market has become very bearish for crypto investors.
Let’s dive into where the experts see APE headed from here.
ApeCoin Price Predictions
For context, APE currently trades at $5.61 per token.
- WalletInvestor provides one-year and five-year price forecasts of $31.16 and $110.49 for APE, respectively.
- Similarly, Gov Capital projects a one-year APE target of $25.27. It also sees APE reaching $154.31 in five years.
- Finally, DigitalCoinPrice puts forward average one-year and five-year price targets of $8.14 and $13.08, respectively.
On the date of publication, Chris MacDonald 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.