ApeCoin price plummets despite TIME’s announcement to accept APE as payment

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. 

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. 

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.