ApeCoin's Price Is Rising Following Gucci Announcement
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.