Since its recent launch, ApeCoin (APE) has had plenty of volatility, which has been characterized by tremendous price fluctuation throughout the last month.
Interestingly, the cryptocurrency community at CoinMarketCap is not overly bullish on the price of the token, predicting that APE will trade at $16.78 by the end of May 2022.
The estimated price reflects a 2.83% or $0.46 increase over ApeCoin’s existing price, at the time of publication. Overall, votes from 3,428 members of the CoinMarketCap community were taken to arrive at the final price estimate.
Based on the previous two price predictions for APE for the months of March and April, the community has an 81.52% historical accuracy when it comes to predicting the price of the digital asset.
ApeCoin price analysis
Currently, ApeCoin is trading at $16.32, down 9.18% in the last 24 hours and 4.28% across the previous week. As things stand, APE has a total market value worth $4.5 billion, a drop of $3 billion from its all-time high.
On April 30, startup Yuga Labs launched the mint for its Bored Ape Yacht Club (BAYC) Otherside Metaverse lands, dubbed “Otherside,” recording over $100,000,000 worth of digital real estate 45 minutes after the launch. The BAYC has regained its position at the top of the non-fungible token (NFT) collection sales rankings, thanks to all of these development efforts.
Prices for ApeCoin spiked in the days preceding up to the auction; when it originally went on sale on March 17, ApeCoin was priced at $5, but soared more than 200% within 24 hours to reach $16.47; it has since achieved an all-time high of $26.70 as of April 28.
Otherside originally planned to sell its Otherdeeds via a Dutch Auction, but instead decided to restrict the quantity of NFTs that could be stored in a single wallet.
APE price crash
ApeCoin’s value plummeted from $24.86 to $16.73 after the April 30 Otherside sale. The collapse seems counter-intuitive, given that ApeCoins from the sale have been locked, limiting the number of coins now available for purchase.
An example of this is the congestion produced on the Ethereum blockchain due to the minting of Otherdeed NFTs, which has resulted in certain transactions failing and services such as Uniswap being sluggish.
ApeCoin, on the other hand, intends to alleviate this problem by refunding gas expenses for unsuccessful transactions and by developing an ApeCoin blockchain.
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