ApeCoin’s price continues to Drop although TIME magazine announced to accept $APE as payment

Overnight, the price of ApeCoin dropped by double digits. TIME, an American publisher and news platform, has included APE as a form of payment for its subscriptions. Despite increased utility and accumulation by major wallet investors, ApeCoin’s price struggled to rebound from its slump.

ApeCoin price plummets

ApeCoin price hit a high of $18, close to its listing price of $20, nearly three days ago. Since then, the NFT token has posted a double-digit drop. The NFT token has been accepted and listed on Binance, Coinbase, Kraken, Gemini, eToro, and FTX, among other cryptocurrency exchanges.

Among Ethereum whales, ApeCoin has emerged as the most traded NFT token, according to Whalestats.

TIME announced that it will be accepting APE as payment for subscriptions in the coming weeks. 

Yuga Labs, creators of the Bored Ape Yacht Club NFT collection, recently revealed the launch of a metaverse powered by ApeCoin. The metaverse ‘Otherside’ will be going out in April 2022. 

After being listed on FTX, BAYC’s $APE price reached $40 before falling deeply to $8. According to Nansen, Ethereum’s gas fee has been skyrocketing due to the withdrawal and transaction of APE when the token was launched, with the median soaring to 340gwei at one point.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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