Is ApeCoin the Next Cryptocurrency to Explode in 2022?
ApeCoin (APE) was one of the best performing tokens in March 2022’s recovery of prices.
The cryptocurrency inspired by the Bored Ape Yacht Club came into existence on March 17, 2022, and by the end of the day, the token had brought gains of more than 3,000% for early investors.
However, the cryptocurrency went into a sharp correction due to a huge sell-off by many investors after hitting its peak of $39.40. While the broader price correction had a lot to do with the locking of gains by millions of investors, the lack of clarity of ApeCoin’s ecosystem contributed to the fall in the price of the token.
Like all cryptocurrencies, ApeCoin experienced the same trading patterns as Internet Computer (ICP) in May 2021.
The two cryptocurrencies reached all-time high prices on the first day of becoming tradable digital assets.
This led to many analysts thinking ApeCoin (APE) may face the risk of a huge pump and dump.
Internet Computer has not retested the region of its all-time high and some analysts believe the fear of dumping the tokens by whales led to a huge sell-off in APE which caused a price tank. APE opened at $1, reached a new high of $39.40, and closed at $8.52. This means that 78% of APE's all-time high price was shed within hours on its opening day of trading.
The new price of around $10 to $15 has made APE a low barrier of entry into the cryptocurrency, especially for investors with little money to risk.
Because of the extensive mileage APE has in the space due to the backing of all the major cryptocurrency exchanges, many experts believe it could be the next big thing in crypto.
Why ApeCoin (APE) Could Be The Next Big Thing?
1. ApeCoin’s Price is Attractive to Small-Budget Investors
ApeCoin (APE) has been trading between $10.57 and $12.89 in the last seven days, as of writing.
In the same period, Ethereum (ETH) has been trading between $3,155.58 and $3,573.96.
This means that Ethereum’s price is 277 times that of APE. Bitcoin’s price is 3,670 times that of ApeCoin. Binance Coin is 35 times that of the novel token behind the ApeCoin ecosystem.
If you have saved $5,000 for testing the waters of cryptocurrency, you can buy approximately 387 APEs.
The same amount of money can buy you around 10 BNBs.
A $5,000 capital can buy you approximately 0.10567812 BTC.
At $47,000, Bitcoin will need to increase to around $94,000 before you can see a 100% return on your investment.
At $3,500, Ethereum will need to increase to around $7,000 before you can see a 100% return on your investment.
At $12, APE will need to increase to around $24 before you can double your investment.
All other things being equal, the path towards $24 is quite closer to the path toward $7,000, and $94,000.
This is why we say ApeCoin is a low barrier to entry into the market. You can buy more tokens and once a certain price milestone that meets your investment goal is reached, you could see great earnings.
With the analysis provided, ApeCoin is a cryptocurrency you should keep an eye on heading into the future.
2. ApeCoin continues to see huge investor interest daily
A few years back, cryptocurrencies that trended online were OneCoin (ONE), BitConnect (BCC), Peercoin (PPC), WorldCoin (WDC), NameCoin (NMC), and Omni (OMNI) among others.
The primary reason why the coins in the latter are trending daily across crypto news portals and the tokens in the former have gone bust is investor interest which is reflected in trading volume.
For a cryptocurrency that has lost more than 70% of its all-time high, APE continues to see impressive daily volume.
Although it is far off the highs of its first week of trading, APE continues to record at least $100 million in daily volume.
This has given the entire project a healthy market capitalization.
At more than $3 billion, APE can be categorized as a large-cap digital asset since its value has surpassed $2 billion.
The consistent volume is also a reflection of investor confidence in ApeCoin and its ecosystem.
Many APE holders believe that the token could trade for relatively higher figures in the long term.
3. ApeCoin Thrives on the Impact of the Bored Ape Yacht Club (BAYC)
No cryptocurrency can survive on its own.
Bitcoin survived because it was the first blockchain-backed cryptocurrency.
Ether (ETH) continues to make waves in the space because aside from functioning as BTC in the settling of transactions, Ether has another use as a DeFi coin that oversees all activities in the Ethereum ecosystem.
In the same lane, APE has been able to garner a huge mileage in the saturated market of cryptocurrencies because of the popularity, and impact of the BAYC.
As of writing, the Bored Ape Yacht Club remains one of the highest-selling NFT collectibles.
The project has a total sales volume of around $1.75 billion and continues to see huge purchases from unique buyers.
The impact of BAYC in addition to ApeCoin’s growing ecosystem means that more decentralized applications (DAPPs) will also be contributing to the valuation of the coin.
When the company behind BAYC, Yuga Labs, announced the purchase of NFT collectible CryptoPunks in March 2022, the effects were reflected positively on ApeCoin.
Should there be record-breaking sales of BAYC and its sister project the Mutant Ape Yacht Club (MAYC), the result would be a spike in the price of ApeCoin.
Don't Miss: ApeCoin (APE) Price Prediction
4. Apecoin Is the First Token to Have the Backing of All Major Exchanges
Bitcoin, Ethereum, Cardano (ADA), Litecoin (LTC), Dash (DASH), Dogecoin, Shiba Inu, Zcash (ZEC), and Monero (XMR) among others had to gain the confidence of major exchanges before being listed for trading.
ApeCoin (APE) broke through the assessment phases of eToro, Binance, Coinbase, Crypto.com, OKX, Gate.io, Kraken, Bitrue, and BitMart among others by gaining their support on its opening day of trading.
Additionally, it has been listed on the decentralized exchange Uniswap. Collectively, the aforementioned exchanges have more than 500 million active users.
It took a long time for Dogecoin (DOGE) to be listed by eToro and Coinbase because representatives of the company were not convinced about the possibilities of Dogecoin’s ecosystem.
The same thing happened to Shiba Inu (SHIB) which saw investors put pressure on eToro, especially, before they listed the coin for trading.
For these exchanges to support ApeCoin, means that positive conclusions were drawn about the potential of the cryptocurrency.
What’s more, eToro, Coinbase, Binance, OKX, and Crypto.com among others are well-regulated exchanges, have great reputations, support many payment methods, and are easily accessible on smart devices.
In the future, if you are undecided about the prospects of investing in ApeCoin, it would be easy for you to buy APE within minutes since they can be found on all the major platforms.
With an eye on the factors pointed out above, we believe that ApeCoin would not only be the next big thing in the crypto finance space but also the next cryptocurrency to explode in 2022.
eToro — Top Exchange To Buy ApeCoin
Open an account with eToro, deposit some funds with USD, and finally – buy ApeCoin from just $10.
Virtual currencies are highly volatile. Your capital is at risk.