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Bitcoin price has struggled to break above $40,000 per bitcoin this year while Ethereum price has failed to stabilize above $3,000 per ether. Both Bitcoin and Ethereum are down about 20% through April. Meanwhile, the continued popularity of blockchain-based non-fungible tokens (NFTs) helped turn the new cryptocurrency, linked to the Bored Ape Yacht Club NFT group, into a $7 billion coin.
Now, a survey of cryptocurrency experts shows a bullish prediction for the price of apecoin – the price of Apecoin has risen by 50% over the past week as the coin developer prepares for a new NFT sale.
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Apecoin launched just last month and is up hundreds of percent since it began trading, with an average price forecast of $27 by the end of 2022, according to a panel of crypto professionals compiled by price comparison site Finder, up from about $24 per Apecoin currently. The panel of nine experts predicts that the price of Apecoin will reach $35 by the end of 2030.
Launched by Yuga Labs, Andreessen Horowitz’s creators backed by the venture capital of the hugely popular Bored Ape Yacht Club NFTs, Apecoin is in flight ahead of the launch of the new Yuga Labs NFT this weekend. NFT’s “land title deeds” for up to 55,000 virtual plots of land are set to be minted in the Otherside metaverse on Saturday and are expected to bring in up to $300 million, according to financial times mathematical calculations.
The other side, a type of 3D virtual world that has become known as the metaverse, will bring together several NFT projects including Bored Ape Yacht Club, CryptoPunks, Meebits, Cool Cats, and other groups developed by Yuga Labs. The official Otheride Twitter account revealed this week that those who wish to purchase the new NFTs will need to pay with apecoin.
“Mint will be exclusive to apecoin, although you will need some Ethereum for gas,” Otheride account Spread.
In addition to the higher price of apecoin, Yuga Labs’ NFTs are also trading at record prices, with the minimum price of Bored Ape NFTs up more than 30% during April to over 140 Ethereum.
“Apecoin could be quite a gigantic,” panel member, technologist and futurist Joseph Raczynski said in a statement.
“Yuga Labs is the excellent chip in the NFTs, now that they’ve bought CryptoPunks. Their ecosystem, using apecoin has the potential to change the rules of the game in the metaverse. It’s all about the community and this person is doing all the right things in the moment.”
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Other panelists are more bullish about Apecoin’s price, with one predicting that it could nearly double $45 per Apecoin by the end of 2022 – but cautioned that it will drop in the coming years as the NFT hype subsides.
“The current hype of NFTs is affecting the price of apecoin,” said Dimitrios Salambasis, a lecturer in financial technology at Swinburne University of Technology. “My view is that all these overvalued crypto assets will gradually disappear and lose value because their potential for utility is negligible.”
However, skeptics of NFT and cryptocurrencies on the panel have warned against people buying either apecoin or NFTs in the hope that their prices will rise.
“This is a clearer case of a speculative bubble than Bitcoin and Ethereum,” said John Hawkins, a senior lecturer at the University of Canberra. “It doesn’t even claim to have any benefit.”