BAYC’s ApeCoin (APE) will hit $100 — analyst

YEREVAN (CoinChapter.com) — Bored Ape Yacht Club’s ApeCoin (APE) will hit $100 in the future, according to analyst David Gokhshtein.

In March, Yuga Labs, the company behind BAYC, announced the launch of APE, a new cryptocurrency managed by a decentralized autonomous organization (DAO) called the ApeCoin DAO.

In addition, the company adopted ApeCoin as the “primary token for all new products and services” coming from Yuga Labs. 

Recommended: Blue-chip NFTs like the Bored Ape Yacht Club (BAYC) take a hit as traders shun the industry

The token soared on the charts following its launch, reaching an all-time high of $26.70 on April 29. However, the bear market wiped off all excitement and gains soon after. As a result, APE changed hands for just $6.05 per token at press time.

BAYC Metaverse land sale

The entrepreneur, the founder of Gokhshtein Media, has placed his bet on the future release of the ‘Otherside‘ metaverse lands.

I still personally think $APE hits $100 easily once these lands come out.

— David Gokhshtein (@davidgokhshtein) June 7, 2022

Dubbed “Otherdeed” the NFT collection helped Yuga Labs raise $310 million upon sale at the end of April. Despite the significantly high gas fees (transaction costs), collectors snatched the 55,000 Otherdeed lands NFTs in no time. 

According to data on Etherscan, gas prices during the mint went as high as 5 ETH. In fiat currency terms, that amounts to $14,000 as per rates on May 1. 

Recommended: Yuga Labs’ co-founder slams Discord after BAYC suffered another exploit

Collectors can only buy and trade land on the Bored Ape Yacht Club Metaverse using APE tokens. 

The Otherside metaverse project will transform into a Massively Multiplayer Online Role-Playing Game. Up to 10,000 people can use their NFTs for an interactive experience, including in-game characters. 

The Otherside project and its Otherdeed land NFTs will remain connected with the larger Bored Ape ecosystem.

With large plans ahead, including a Holywood movie production, APE at $100 may well come to pass.

Gokhshtein holds Otherdeed, BAYC NFTs

Gokhshtein has every reason to hope BAYC’s Otherside will be a success. He is heavily invested in the project and stands to benefit from any positive development. 

According to his OpenSea wallet, he holds BAYC Ape #1334 and Mutant Ape #9723, two iconic NFT projects by Yuga Labs.

In addition, he also holds at least 5 Otherdeed NFTs from the Otherside Metaverse drop. 

Recommended: Bored Ape Yacht Club (BAYC) average price drops hard 

ApeCoin to remain on the Ethereum network

Several issues occurred during the Otherdeed NFT land sales, including gas surges and network crashes. As a result, Yuga Labs contemplated shifting ApeCoin to its independent chain. 

The proposal up for a vote is AIP-41 which proposes ApeCoin to stay within the Ethereum ecosystem: https://t.co/nJQ9Q7kDWM

— ApeCoin (@apecoin) June 2, 2022

While the idea caught the fancy of the APE whales, a majority of the token holders do not agree. Instead, most of them would rather keep the token on the Ethereum network, at least for now. 

According to data on Snapshot, 53.61% have voted against the proposal so far. In contrast, 46.39% of APE votes have favored migration. 

Nonetheless, despite all the activity around the ApeCoin, the token remains unresponsive. Maybe David Gokhshtein’s prediction can become a game-changer for