|

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

  • Bored and Hungry, a restaurant, has rebranded itself and now accepts ApeCoin and Ethereum as payment. 
  • There is a massive spike in the number of investors holding 100,000 to 1 million ApeCoins. 
  • Analysts have predicted ApeCoin price could recover from the recent drop. 

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. 

Author

Ekta Mourya

Ekta Mourya

FXStreet

Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.

More from Ekta Mourya
Share:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

Ripple faces persistent bear risks, shrugging off ETF inflows

Ripple is extending its decline for the second consecutive day, trading at $2.06 at the time of writing on Friday. Sentiment surrounding the cross-border remittance token continues to lag despite steady inflows into XRP spot ETFs. 

Luna Classic soars 20% as Do Kwon's sentence hearing looms

Luna Classic surges 20% on Friday, extending its recovery for the fourth consecutive day. Roughly 959 million tokens have been burned in December so far, fueling LUNC's recovery.

Crypto Today: Bitcoin, Ethereum, XRP pare gains despite increasing hopes of upcoming Fed rate cut

Bitcoin (BTC) is steadying above $91,000 at the time of writing on Friday. Resistance at $94,150 capped recovery on Wednesday, but in the meantime, bulls have contained downside risks above $90,000. 

Ethereum strengthens against BTC post-Fusaka, targeting $3,200 breakout

Ethereum trades above $3,100 on Friday, with bulls aiming for a breakout above a two-month-old resistance trendline. Ethereum gains strength against Bitcoin as demand for the major altcoin increases after the Fusaka upgrade.

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Bitcoin: BTC steadies as data suggests local bottom

Bitcoin (BTC) hovers around $91,000 at the time of writing on Friday, extending its recovery by 5% so far this week. On the institutional front, a modest outflow from US-listed spot Bitcoin Exchange Traded Funds (ETFs) marks a slowdown from previous weeks and signals a reduction in selling pressure, further supporting BTC’s recovery.