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.

$APE (Update)

Falling Wedge Breakout in 4H TF

+12% Profit so far..#Crypto #APE #Apecoin #APEusdt https://t.co/NxXzUe1dnq pic.twitter.com/vi9d3Lz7bk
— Captain Faibik (@CryptoFaibik) April 10, 2022

Share: Cryptos feed

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.