ApeCoin's Price Is Rising Following Gucci Announcement

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ApeCoin, the native utility token for Yuga Labs' Bored Ape Yacht Club (BAYC) ecosystem, is up more than 10 percent in the last four hours following the Gucci's announcement that it will now accept APE at its U.S. stores.

The collaboration between Gucci and ApeCoin will be facilitated by U.S.-based cryptocurrency payment service provider BitPay.

Earlier today, APE reached $6.30, only slightly higher than its lowest price point in a week. But now, after the Gucci news, APE is pushing $7.

This is far from APE's one-year high of $39.40, but it is a sign of life in an otherwise down cryptocurrency market the last few weeks.

Ethereum, for comparison, is up 2.57 percent in the last hour, and Bitcoin is up nearly 1 percent in the same time span.

To learn more about ApeCoin, see Lucky Trader's guide here. And to learn about how to enter the Yuga Labs ecosystem, see Lucky Trader's introduction article here.

Author Bio

Jason Bales

Jason is an NFT lead at Lucky Trader. He has been involved in the NFT space since CryptoKitties in late 2017 and got involved in NBA Top Shot in early 2021 (Series 1 Legendary From The Top LeBron James Block, anyone?). Now, he spends most of his days yelling, "get off my lawn" at the PEPE and Nakamigos kids.

Disclaimer: The author or members of the Lucky Trader staff may own NFTs discussed in this post. Furthermore, the information contained on this website or the Lucky Trader mobile application is not intended as, and shall not be understood or construed as financial advice. AI may have assisted in the creation of this content.