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Gucci accepts ApeCoin at US stores. What Does It Mean for Cryptos?

Gucci_accepts_ApeCoin_at_US_stores_What_Does_It_Mean_for_Cryptos

In the first three months of 2022, everyone was talking about ApeCoin (APE), a cryptocurrency created by Yuga Labs and used as the native token of Bored Ape Yacht Membership (BAYC).

Since ApeCoin DAO started in April 2021, the BAYC has always been one of the best collections of non-fungible tokens (NFTs) with a thriving community.

Gucci just said that some of its US stores will accept ApeCoin as a form of payment. Through BitPay, a Bitcoin (BTC) and cryptocurrency payment service provider, the high-end Italian clothing store’s stores in the US will accept APE for purchases made in-store.

In a tweet from a few days ago, Gucci said, “Now accepting @ApeCoin money through @BitPay, certain Gucci stores in the USA broaden the range of cryptocurrencies available there for in-store transactions, which is another step in the House’s investigation of Web3.”

The most recent Bored Ape Yacht Membership NFT collection spike was caused by this information. Even though there are more and more bad feelings on the cryptocurrency market, ApeCoin’s price is still above a critical support level.

Because Gucci wants to be a part of Internet 3.0, ApeCoin has been able to show how it can grow as an NFT asset.

ApeCoin’s rise was caused by a number of things, one of which was the recent boom in the cryptocurrency market. Buyers now hope that ApeCoin will reach US$10 as quickly as possible.

At the time of writing, CoinMarketCap said that Apecoin was worth $7.25. Due to the unstable nature of the cryptocurrency market, it will be a while before ApeCoin reaches $10.

Experts say that ApeCoin’s market value would go up by 50% if its price went up. Also, they think that one of the main things that will drive the market value of cryptocurrencies is their growing popularity. The people who came up with ApeCoin and BAYC are making progress in the decentralized market. The cryptocurrency could quickly go up in value and bring down some of the most powerful ones.

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