Why ApeCoin could recover from slump, as restaurant rebrands to accept APE and Ethereum

ApeCoin suffered a recent slump as demand for the NFT token dropped. Proponents believe ApeCoin could recover from the pullback as a real-world business in Southern California rebranded itself to accept APE as payment. 

ApeCoin prepares to comeback from the drop in price 

A new restaurant in California’s Long Beach, Bored and Hungry, is themed after the Bored Ape Yacht Club NFT collection. ApeCoin, the NFT token, is now accepted as payment at this restaurant. 

The restaurant announced its opening on April 9, 2022, and offered free meals and other perks to holders of Bored Ape Yacht Club NFTs for the next 90 days. 

ApeCoin’s real-world utility comes to light at a time when Coinbase’s entertainment arm is preparing to produce the Yuga Labs owned Bored Ape Yacht Club trilogy of films. Holders of NFTs from the collection can submit them to audition and be part of the film. 

Interestingly, ApeCoin’s rising utility and demand have increased its adoption, and there is a rise in investors holding 100,000 to 1 million APE tokens. Rising holdings by investors are indicative of a spike in interest in the community. 

Historically, the accumulation of a token is followed by a price rally. Therefore, it is likely that the ApeCoin price will recover from the 8% correction that occurred over the past week. 

Analysts have evaluated the ApeCoin price trend and predicted a rally. @CryptoFaibik, a crypto analyst and trader, identified a falling wedge breakout. The analyst believes the NFT token could witness a massive breakout soon.