- ApeCoin price posted double-digit losses overnight despite the accumulation of APE by large wallet investors.
- TIME, New-York based news magazine and publisher, announced that ApeCoin would be accepted as payment.
- Gemini revealed support for ApeCoin on its exchange as the NFT token emerged as the most traded crypto among Ethereum whales.
ApeCoin price posted double-digit losses overnight. TIME, a New-York based publisher and news platform, has added APE as a payment method for its subscriptions. Despite accumulation by large wallet investors and increased utility, ApeCoin price struggled to recover from its drop.
ApeCoin price struggles to comeback in response to rising adoption
ApeCoin price hit a high of $17.17, close to its listing price of $20, nearly three days ago. Since then, the NFT token has posted a double-digit drop. Binance, Coinbase, Kraken, Gemini, eToro, and FTX, among other cryptocurrency exchanges, have accepted the NFT token and listed it on their platform.
ApeCoin has emerged as the most traded NFT token among Ethereum whales. Large wallet investors scooped up the Bored Ape Yacht Club token, based on data from crypto intelligence platform WhaleStats.
TIME, a leading NY-based news magazine and publisher, announced its support for ApeCoin. The firm revealed that APE would be accepted as payment for subscriptions in the coming weeks.
Congrats to the ApeCoin DAO on the rollout of @ApeCoin & thrilled we can announce that @TIME will be accepting $APE for digital subscriptions in the coming weeks on https://t.co/tiBU5fsE5B ⏰❤️
— TIMEPiecesᵍᵐ ⏰ (@timepieces) March 20, 2022
Creators of the Bored Ape Yacht Club NFT collection recently teased the launch of a metaverse powered by ApeCoin in a tweet. Yuga Labs revealed that an exciting experience awaits ApeCoin users in April 2022.
See you on the Otherside in April. Powered by @apecoin pic.twitter.com/1cnSk1CjXS
— Yuga Labs (@yugalabs) March 19, 2022
Analysts have evaluated the ApeCoin price trend and noted that the declining 20-day and 50-day Exponential Moving Average (EMA) offer a greater advantage to sellers. A rise in selling pressure on the NFT token has triggered a drop in ApeCoin price.
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.
Recommended Content
Editors’ Picks
XRP rally likely as Ripple Swell conference is held this week
Ripple trades above $0.5400 early on Monday. The altcoin added over 2% to its value on the day, ahead of a key event. Ripple, a cross-border payment remittance firm, is gearing up for its annual conference called Ripple Swell.
Bitcoin Price Forecast: BTC eyes return to all-time highs
Bitcoin trades close to $66,000 on Monday. The largest asset by market capitalization has noted a steady increase in its demand among traders since April 2024, according to data from crypto intelligence tracker CryptoQuant.
Crypto Today: Bitcoin, Ethereum rally, XRP recovers even as institutional demand for BTC, ETH ETFs slows
Bitcoin rises towards $65,000 on Monday, gaining nearly 4% on the day. Ethereum adds over 3% to trade above $2,500. XRP edges up above $0.53 but trades within its recent range.
Solana Price Forecast: SOL gears up for double-digit gains as demand for meme coins jumps
Solana continues its upward trend this week, rising above the $150 level on Monday. The token of the Ethereum-alternative smart contract chain has gained 3% on the day and is gathering positive momentum at the time of writing.
Bitcoin Weekly Forecast: Will BTC decline further?
Bitcoin’s (BTC) price fell over 6% at some point this week until Thursday, extending losses for a second consecutive week, as it faced rejection from a key resistance barrier.
Five best Forex brokers in 2024
VERIFIED Choosing the best Forex broker in 2024 requires careful consideration of certain essential factors. With the wide array of options available, it is crucial to find a broker that aligns with your trading style, experience level, and financial goals.