The coin even reached its ATH of $39.40 recently but could not hold on.
APE has emerged as the most actively traded non-fungible token among ETH whales.
In a recent tweet, the creators of the Bored Ape Yacht Club NFT collection announced the introduction of a metaverse powered by ApeCoin, which would be available soon. Yuga Labs has indicated that ApeCoin users may look forward to an interesting experience in April 2022.
After having an incredible price surge following the airdrop, the price of ApeCoin fell by double-digit. TIME, a New York-based publisher and news platform, has accepted APE as a mode of payment for its subscribers for the first time. However, despite the collection of big wallet investors and the growing usability of ApeCoin, the cryptocurrency’s price has failed to rebound from its recent decline.
Rapid Decline in Price
The price of ApeCoin reached a high of $17.17, which was close to the coin’s listed price of $20, a little over three days ago. The coin even reached its ATH of $39.40 recently but could not hold on. Since then, the NFT token has seen a double-digit depreciation. However, several cryptocurrency exchanges, including Binance, Coinbase, Kraken, Gemini, eToro, and FTX, have accepted the NFT token and have listed it on their respective platforms.
ApeCoin has emerged as the most actively traded non-fungible token among Ethereum whales, according to CoinMarketCap. In addition, data from crypto intelligence portal WhaleStats indicates that large wallet investors have interested in the Bored Ape Yacht Club cryptocurrency.
The news publication said that APE would be accepted as a form of payment for subscriptions in the following weeks. Analysts have examined the price trend for ApeCoin and have concluded that the dropping 20-day and 50-day Exponential Moving Averages (EMA) provide a stronger advantage to sellers than the rising EMA. Due to an increase in selling pressure on the NFT token, the price of ApeCoin has dropped significantly.