ApeCoin’s Price Potential After Bridge Launch: How High?

Summary:

• ApeCoin made headlines over the weekend with the launch of its new bridge, enabling users to earn yields on select crypto assets, including APE.
• The token’s value surged by more than 60% in just hours, sparking curiosity about its potential height.

Price Projections for APE

CryptoPotato reported earlier today on the significant achievement by the ApeCoin developers. After several months of being relatively quiet, they introduced the ApeChain bridge, which allows investors to earn native yields on assets like APE, ETH, and a few stablecoins.

Automatic Yield Mode ENABLED on APECHAIN: This is the default for all externally owned accounts (EOAs), where yield is automatically generated each block.

The APE balance of the address is increased by the yield earned each block without any manual action required.

— ApeCoin (@apecoin) October 20, 2024

The impact on APE’s price was swift, with the asset soaring by over 65% at one moment and reaching approximately $1.3 for the first time since June. APE emerged as the standout performer over a relatively uneventful weekend and returned to the top 100 altcoins by market cap, with its valuation hitting $900 million earlier today.

Future Price Points: $2, $2.2, or $5.58?

The AI tool predicted a target price of $1.36 for APE in October, suggesting that the asset may have already hit its peak for the month. It also anticipates a slight pullback and stable price movements in November.

Nonetheless, Perplexity remains optimistic about APE in the long term, forecasting a rise to $1.92 next year, $2.2 by 2026, and potentially reaching $5.58 by 2030. Despite this, these estimates are still significantly lower than APE’s all-time high of $26.7 recorded in April 2022.

Perplexity identifies three key elements that could drive a potential price increase for APE:

• The overall success of the Bored Ape Yacht Club ecosystem.
• Overall trends in the cryptocurrency market.
• Advancements within the ApeCoin DAO and its governance choices.