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ApeCoin Price Drops as Time Magazine Moves to Adopt Coin

UTC by Babafemi Adebajo · 2 min read
ApeCoin Price Drops as Time Magazine Moves to Adopt Coin
Photo: Shutterstock

Time Magazine has announced that it will start accepting ApeCoin in the coming weeks.

The latest meme coin ApeCoin has lost about $1.2 billion in market value even as Time Magazine gears up to accept the token for digital payment subscriptions. The coin launched last Thursday and was airdropped to BAYC holders. It started trading on Coinbase and Binance and other exchanges including eToro, Gemini, Kraken, Voyager Digital among others.

Within 36 hours, the price of the coin rose as high as $39.40 before resting at $17.75. Afterward, the sell-off pressure crashed the price to $15 and then to $13. At the time of writing, the price of ApeCoin was $10.24 according to CoinMarketCap. Accordingly, the market price of the token dropped from $4.04 billion to $2.84 billion. This has made the token the 46th largest cryptocurrency by market capitalization. There are suggestions that the quick success enjoyed by the coin may have been due to the fear of missing out.

Time Magazine to Accept ApeCoin for Digital Subscriptions

Meanwhile, Time Magazine has announced that it will start accepting ApeCoin in the coming weeks. The announcement was published via Twitter on Sunday. With this announcement, APE joins the list of coins accepted for digital subscriptions by Time Magazine. Last year, the 98-year-old publication announced a new feature to allow digital subscriptions with Bitcoin, XRP, Ether and Dogecoin.

Asides accept cryptocurrencies for digital subscriptions, the magazine also launched three special edition covers as non-fungible tokens. The tokens attracted significant demand on OpenSea last September. The company also reached an agreement with Grayscale, to hold some Bitcoin and Ethereum on its balance sheet. In December, it named Tesla CEO Elon Musk as its personality of the year.

Last Friday, Time Magazine also published its first issue as an NFT. Ethereum co-founder Vitalik Buterin was featured in that publication. Vitalik expressed concern about the danger posed by overzealous investors, high transaction fees, and the public perception of crypto.

Commenting on NFTs, he said that “the peril is you have these $3 million monkeys and it becomes a different kind of gambling”. Vitalik believes that the goals must continually be to build something that can make the world better. “If we don’t exercise our voice, the only things that get built are the things that are immediately profitable,” he concluded.

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Babafemi Adebajo

An experienced writer and Fintech enthusiast, passionate about helping people take charge of, scale and secure their finances. Has ample experience creating content across a host of niche. When not writing, he spends his time reading, researching or teaching.

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