APE price analysis: how far can the crypto’s value grow after being accepted by Gucci?

By:
on Aug 3, 2022
  • ApeCoin (APE)’s trading volume has increased by 38%, and its value has seen a spike of 16%.
  • Gucci announced that they are accepting APE as a form of payment in-store.
  • This increased adoption of ApeCoin could lead to its further growth in value.

ApeCoin (APE/USD) is both governances as well as utility token across the ApeCoin ecosystem.

Some of its use-cases include enabling holders to participate in the governance of the Decentralized Autonomous Organization (DAO) as well as enabling them access to specific features, games, events, merchandise, and other non-fungible token (NFT) related releases or events.

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Gucci’s addition of APE for payments as a catalyst for its growth

ApeCoin (APE) has seen an increase in its overall adoption as a form of payment; where Gucci made an announcement on August 2, 2022, that they are accepting ApeCoin payments through BitPay at select Gucci boutiques in the USA. They aim to expand the range of cryptocurrencies available for in-store purchases. 

ApeCoin’s official Twitter page followed up by announcing that they are excited that Gucci will become the first major brand that allows customers to pay for purchases in-store with ApeCoin.

Despite the ongoing bear market, the fashion brand has taken the leap toward the crypto sector.

Should you buy ApeCoin (APE)?

On August 3, 2022, ApeCoin (APE) had a value of $7.346.

We will be going over APE’s all-time high point of value, as well as its performance throughout the previous month, to see how far it can grow.

When we take a look at the all-time high of the cryptocurrency, ApeCoin (APE) reached a value of $26.70 on April 28, 2022.

Looking at how the cryptocurrency performed throughout the previous month, ApeCoin (APE) had its lowest point of value on July 13 at $4.2095. Its highest point was on July 31 at $7.1793.

Here, we can see an increase in its value by $2.9698 or by 70%.

If the cryptocurrency keeps up with this momentum, we can expect ApeCoin (APE) to reach a value of $10 by the end of August 2022, reaching a new all-time high point.

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*Cryptoasset investing is unregulated in some EU countries and the UK. No consumer protection. Your capital is at risk.