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Apecoin (APE) is the Cryptocurrency of the Bore Ape Yacht Club (BAYC). It is one of the crypto tokens with a strong capacity to retain its previous gains irrespective of the crypto downtrend of recent weeks. In the past, to days after it was launched in March 2022, it has a return on investment of 784%. This means that its investors are still on the gain of $7.84 for each $1 investment. Although, it is presently trading at $8.37 after attaining an all-time high price of $39.40 according to CoinMarketCap. It has remained profitable since its all-time low price is $1. Some factors that had made this possible are:
Its unpredictable buyer's pressure
Apecoin (APE) is one of the recent cryptocurrencies with unpredictable buyers. This has made it to always recover from its lows. Irrespective of the price that Apecoin attains, buyers sometimes apply strong pressure that tends to push its price higher. This helps it to regain its previous losses since the sellers increase the price.
Increased Volume in Circulation
Apecoin has a total supply of 1 billion APE. Out of this total supply, only 284,843,750 APE are in circulation. This represents about 28.84% of its maximum supply. This is low, which can easily lead to scarcity of the token whenever the buyer's pressure is increased.
Future predictions on the token
With the commitment from Bore Ape Yacht Club Yuga Labs, investors are optimistic about a good return on investment on Apecoin. There are predictions in some quarters that the APE token could trade above $100 soon. This prediction has increased the hodling capacity of its investors.
Its use cases
Apecoin can be used by holders to participate in Decentralized Autonomous Organization (DAO) governance decisions of the Bore Ape Yacht Club. Holders can also receive airdrops of future tokens that can be launched by Yuga Labs. With Apecoin airdrop worth over $50,000 when it was received by CryptoPunks holders, the present investment does not wish to miss out on the future benefits. In conclusion, these present returns might be surpassed soon, as holders remain positive due to possible applications of Apecoin in the metaverse space.