Are you going to invest in ApeCoin NOW?

ApeCoin (APE), the symbol of the Bored Ape Yacht Club (BAYC), is perhaps just such a sensible investment opportunity right now. In March, Yuga Labs, the company behind BAYC, launched the token and quickly became one of the world’s largest NFT-related cryptocurrencies.

In the last two months, ApeCoin has seen a devastating dip of almost 90 percent (from its record high level). The development of the token is strongly influenced by Yuga Labs’ largest project to date, Otherside. This is a massive Metaverse RPG where users can use their NFTs as avatars. The APE forms the backbone of Otherside and acts as the governance token and main currency of the game.

The conditions for the Otherside game and the APE are favorable. Because Yuga is working with the current king of Metaverse, the venture capital firm Animoca, to make it happen. The powerful duo behind the token, combined with the artificially squeezed price, gives it more potential than almost any other altcoin.

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Is now a good time to buy ApeCoin?

If you are a long-term investor who believes in the future success of Yuga Labs and the Metaverse genre in general, then this could be a great time to buy ApeCoin. It’s hard to say when the APE will reach its preliminary bottom price. The bottom formation may already be complete. The APE may also continue to decline for a few more months before jumping up again. APE has had an unusually unstable history, making it even harder to predict future changes.

In the few months it has been in existence, it has recorded a maximum of around $ 27.50 and a low of $ 3.20. But if the Metaverse trend continues to thrive and Yuga Labs and Animoca Brands create a great Metaverse game, it’s hard to imagine that APE will not one day reach new records. Both are big ifs, but if they actually become a reality in the end, then APE may prove to be the best long-term altcoin investment of the year.

Will ApeCoin eventually reach a new all-time high?

ApeCoin has a decent chance of reaching its all-time high, but doing so will be significantly harder than many other altcoins. The peak of around $ 27.50 (depending on the stock market) is not entirely natural. The award was heavily inflated by NFT embossing Otherside. The company Yuga Labs decided to implement the expensive sale in ApeCoin instead of Ethereum. This led to a huge price increase as everyone bought the thousands of dollars worth of APEs required to participate in the sale.

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Also, sales on the other hand created an artificial price drop when sales ended. Many leads who had already purchased their APE did not have enough money to pay the high transaction fees (more than $ 6,000, coin price not included). Many otherwise had no need for the token, so they sold it at the price they could, which drove the price down drastically. The success of the token is very important to Yuga Labs and that is why they have carefully planned its future. Selling in ApeCoin instead of Ethereum seemed like a completely insane decision.

In the public sale, Yuga charged 305 APEs per Otherside NFT, thus selling a total of approximately 55,000 NFTs. Some miners were able to get their APE from the free airdrop to own a Bored Monkey or a Mutant Monkey. But most had to buy them in the days before they went on sale on the open market, where they were worth more than $ 20. At $ 20, it would cost over $ 6,000 per. NFT, more than 2 ETH at this time. The sale raised 16.78 million ApeCoins, now worth just over $ 75 million. If the company instead charged 2 ETH per. NFT, it would be worth almost double that. This decision only makes sense if there are already comprehensive plans to support the APE in the future. It’s hard to figure out exactly what this means, but most likely APE will be much more than just a governance token.

Is ApeCoin (APE) a sensible investment in the long run?

ApeCoin is clearly not as secure a long-term investment as the more established cryptocurrencies Ethereum or Bitcoin. However, due to its relatively small size, it has a greater chance of becoming a “Moonshot”. ApeCoin is probably one of the better long-term investments in the Metaverse area. It has some important advantages over its competitors. Yuga Labs is one of the largest startups in the NFT and Metaverse field. The company has the resources to help Otherside succeed, even though it appears to be deeply committed to APE’s success.

This post first appeared on Benzinga:

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