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The price of bitcoin has struggled to break above $40,000 per bitcoin this year, while the price of ethereum has failed to hold above $3,000 per ether. Bitcoin and Ethereum are down around 20% through April. Meanwhile, the continued popularity of blockchain-based non-fungible tokens (NFTs) has helped the new cryptocurrency apecoin, tied to the Bored Ape Yacht Club NFT collection, grow into a $7 billion coin.
Now, a survey of cryptocurrency experts has given a bullish price prediction for apecoin, with apecoin price surging 50% in the past week as the coin’s developer gears up for a new NFT sale.
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Apecoin, launched last month and up hundreds of percent since it began trading, has an average price prediction of $27 by the end of 2022, according to a panel of crypto experts gathered by price comparison website Finder, compared to around $24 per apecoin currently. The panel of nine experts predicts that the price of apecoin will reach $35 by the end of 2030.
Apecoin was launched by Yuga Labs, the VC-backed creators of Andreessen Horowitz’s wildly popular Bored Ape Yacht Club NFTs, and is gearing up for another Yuga Labs NFT launch this weekend. NFT “deeds” for up to 55,000 virtual plots of land in metaverse game Otherside are set to hit Saturday and are expected to raise up to $300 million, according to FinancialTimes calculations.
Otherside, a type of three-dimensional virtual world that has become known as a metaverse, will bring together various NFT projects, including the Bored Ape Yacht Club, CryptoPunks, Meebits, Cool Cats, and other collections developed by Yuga Labs. The official Otherside Twitter account revealed this week that those wishing to purchase the new NFTs will need to pay using apecoin.
“Mint will be exclusively in apecoin, although you will need ethereum for gas,” the Otherside account post.
In addition to the rise in the price of apecoin, Yuga Labs NFTs are also trading at record highs, with the floor price of Bored Ape NFTs climbing over 30% through April to over 140 ethereum.
“Apecoin could be absolutely huge,” Thomson Reuters panel member and technologist and futurist Joseph Raczynski said in a statement.
“Yuga Labs is the blue chip of NFTs, now that they have purchased CryptoPunks. Their ecosystem, using apecoin, has the potential to be a game changer for the metaverse. They are all community driven and this one does it all what is needed at the moment.”
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Other panelists are even more bullish on the price of apecoin, with one predicting it could nearly double to $45 per apecoin by the end of 2022, but warning it will plummet in the coming years. to come as the NFT hype dies down.
“The current NFT hype is impacting the price of apecoin,” said Dimitrios Salampasis, professor of financial technology at Swinburne University of Technology. “I am of the opinion that all these overhyped crypto assets will gradually fade away and lose their value because their potential for utility is insignificant.”
However, NFTs and crypto-skeptics on the panel cautioned against people buying apecoins or NFTs in the hope that their prices will appreciate.
“This is an even clearer case of a speculative bubble than Bitcoin and Ethereum,” said John Hawkins, senior lecturer at the University of Canberra. “It doesn’t even claim to have any use.”