The release of the ApeCoin (APE) token was criticized by one of the founders of Dogecoin. TIME magazine is ready to accept subscription payments in it.
Yuga Labs, creators of the NFT project Bored Ape Yacht Club (BAYC), released its own ApeCoin (APE) token on March 17. The cryptocurrency community met the token well, as evidenced by trading volumes. According to CoinMarketCap, the daily trading volume as of 15:00 (GMT+2) on March 21 is over $2.5 million, and the token value has increased by over 900% since the start of trading.
The emergence of the token has boosted sales and key Yuga Labs assets. OpenSea reports that over the past week, trading volumes for the BAYC and MAYC NFT token collections have grown by 211% and 251%, respectively.
The interest in the token is also evidenced by the famous American magazine TIME’s plans to accept payment for a digital subscription to the publication in ApeCoin. This became known from the statement by TIMEPieces, the magazine’s Web3 community.The initiative was sharply criticized by one of the founders of the meme-cryptocurrency Dogecoin (DOGE) Billy Marcus. In his opinion, releasing the ApeCoin token will hurt the NFT market because “token communities tend to be hypertoxic and reckless.” The increased focus on the APE token by scammers may also contribute to this.