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Bitcoin price has struggled to break above $40k 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) has helped the growth of the new cryptocurrency apecoin, linked to the Bored Ape Yacht Club NFT group, into a $7 billion coin.
Now, a survey of cryptocurrency experts presents a bullish prediction for Apecoin prices, with the price of Apecoin increasing by 50% in the past week as the coin developer prepares for a fresh NFT sale.
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Apecoin launched 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 experts compiled by price comparison site Finder, compared to about $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, VC-backed creators of Andreessen Horowitz’s Bored Ape Yacht Club NFTs, and is gearing up to launch another Yuga Labs NFT this weekend. NFT “actions” for up to 55,000 virtual plots in the metaverse Otherside are set to begin Saturday and are expected to raise up to $300 million, according to financial times mathematical calculations.
The other, 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 Otherside Twitter account revealed this week that those who want to buy new NFTs will need to pay with apecoins.
“Mint will be exclusive to apecoin, although you will need ethereum for gas,” Otheride account mail.
In addition to the apecoin price hike, Yuga Labs NFT is also trading at record levels, with the ground price of Bored Ape NFTs up more than 30% during April to over 140 Ethereum.
“Apecoin could be very massive,” Thomson Reuters panelist Joseph Raczynski and technology expert and futurist, Joseph Raczynski, said in a statement.
“Yuga Labs is the blue chip of the NFTs, now that they have bought CryptoPunks. Their ecosystem, using apecoin, has the potential to be a game-changer in the metaverse. They are all community driven and this person is doing everything right right now.”
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Other panelists are more optimistic about the price of apecoin, with one predicting that it could nearly double to $45 per apecoin by the end of 2022, but warn that it will drop in the coming years.
“The current NFT noise is affecting the price of apecoin,” said Dimitrios Salambasis, Professor of Financial Technology at Swinburne University of Technology. “I am of the opinion that all these overvalued crypto assets will gradually fade and lose value because the potential for their usefulness is insignificant.”
However, NFTs and crypto skeptics on the panel cautioned against people buying apecoins or NFTs in the hope that their prices will go up.
“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.”