Claim BonusApeCoin (APE) Becomes The Most Traded Token By ETH Whales
ApeCoin (APE), the native token to the Bored Ape Yacht Club (BAYC) NFT collection, avoided broader losses in the crypto market over the past 24 hours. Rising whale trade appeared to be the biggest factor behind the token’s performance.
The token surged as much as 10% over the past 24 hours, hitting a high of around $12.24, while its trading volumes jumped nearly 300% in a day to over $729 million.
APE the most traded token by ETH whales
Data from Whalestats showed that APE was the most traded token by major Ethereum whales over the past 24 hours. It was also the fourth-most purchased token by ETH whales, with about $57,000 worth of APE being bought in the past 24 hours.
The data indicates that whale interest is picking up in the coin since its launch last month. While it saw a volatile launch, APE has since stabilized to trade within the $10 to $20 range. Recent weakness in the crypto market also dented the token, which is trading down 9.2% over the past seven days.
Another factor behind APE’s jump over the weekend is a callout by popular music group Bassjackers, who featured BAYC-themed graphics during a recent concert in Chile.
Still, technical indicators showed that APE was yet to break above a bullish level of $12.6. A breakout there is likely to catapult the token higher.
BAYC plans a metaverse
APE is set to become the native token for an upcoming blockchain game and metaverse by Yuga Labs, the creators of BAYC. While little is know about the project, beyond a teaser trailer, its launch is likely to benefit the token.
The project, titled “Otherside,” will feature NFTs from several collections owned by Yuga, including Bored and Mutant Apes, CryptoPunks, and Meebits.
Capitalizing on the popularity of BAYC NFTs, APE has seen steady trading volumes since its launch. The token is currently ranked 42 in the largest cryptocurrencies, and has a market capital of $3 billion.
ApeCoin is also supported by several games from blockchain games maker Animoca Brands.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Aster DEX Review – Is It Safe and Legitimate?
- XRP News: Ripple Secures First EMI License in Luxembourg to Boost Payments in Europe
- Top 3 Reasons Why XRP Price Is Surging Today
- Bitcoin Price Reclaims $96K as Bitwise CIO Predicts “Parabolic” Run From BTC ETF Flows
- Germany’s DZ Bank Gets MiCAR Approval to Offer Institutional Bitcoin, Cardano Trading
- Top 3 Meme Coins Price Prediction: PEPE, Dogecoin, and Shiba Inu as 8% Market Boost Fuels Growth
- Standard Chartered Predicts Ethereum Price could reach $40,000 by 2030
- Bitcoin Price Eyes $100k as Core US Inflation Slips Ahead of CLARITY Act Markup
- Why Is MSTR Stock Price Down Despite Recent Bitcoin Purchase
- Pi Coin Price Prediction: How Mainnet Migration and New Tokens Supply Could Affect Pi Network?
- Crypto Stocks To Watch: MSTR, Metaplanet, and S&P 500 price
