Just-In: Binance Suspends ApeCoin Lending As Demand Skyrockets
Binance, the world’s largest crypto exchange, has temporarily suspended lending of ApeCoin (APE) as its current supply of the token is unable to meet a surge in demand.
According to crypto reporter Wu Blockchain, the APE lending page is showing a notice that due to excessive demand the remaining amount for APE token lending is insufficient.
APE demand has skyrocketed ahead of the launch of Yuga Labs’ widely anticipated metaverse, Otherside.
Over $5.62 million worth of Apecoin liquated in 24 hrs
The Binance lending option gives a user an easy crypto-collateral loan. APE tokens have become the most wanted coin in just one month. The Apecoin prices are already up by 2145% since its inception. Meanwhile, APE’s 24 hour trading volume of $7.4 Billion is up by over 300%.
Meanwhile, according to data released by Coinglass, the ApeCoin is the third most liquidated token in the last 24 hours. Around $5.62 million worth of APE tokens have been pulled out of the market in the past 24 hours. While over $20.37 million and $20.29 million worth of Bitcoin and Ethereum, respectively have been liquidated from the market.
Recently, Binance launched a token voucher reward by registering and sharing ApeCoin.
Whales add over $5.7 million worth of APE token
The APE token is trading at an average price of $22.09, at the press time. The ApeCoin prices have registered a gain of over 7% in the last 24 hours. In a short period of time, the token has managed to reach the top 30 cryptocurrencies with a total market capitalization of over $6 Billion.
The Ethereum (ETH) whales are still accumulating the APE token as Yuga Labs’ auction of land in its metaverse was called off. According to WhaleStats, more than $5.7 million worth of ApeCoin has been added by the ETH wallets in the last 24 hours. An ETH whale named “BlueWhale0098” has single handedly added $3.4 million worth of the APE tokens.
As per the data, the largest of the ETH wallets cumulatively holds over $36 million worth of ApeCoin. The Ape token has also emerged as the most traded token by the biggest of the ETH whales.
- Breaking: Trump Pardons Binance’s Changpeng “CZ” Zhao, BNB Spikes
- Peter Schiff Challenges Binance Founder CZ to Debate as Bitcoin Vs. Gold Rivalry Heats Up
- Robinhood Lists HYPE As Hyperliquid Flips CZ Backed Aster In Perp DEX Volume
- Expert Warns More Crypto Bloodbath Ahead of CPI Data Tomorrow
- US President Promises Deal With China on Everything As ‘Trump Insider’ Begins To Close Bitcoin Shorts- Is A BTC Recovery Ahead?
- Dogecoin Price Crash Looms as Flag, Death Cross, Falling DOGE ETF Inflows Coincide
- Solana Price Prediction as Osprey’s S-1 Filing and Hong Kong’s ETF Launch Fuel Reversal Hopes- Is $250 Next?
- Ethereum Price Poised for Breakout as Wyckoff Re-Accumulation Meets BlackRock’s $110M Purchase
- BNB Price Prediction as Analysts Eye $1500 Ahead of Fresh Coinbase and Robinhood Listings
- XRP Price Classical Pattern Points to a Rebound as XRPR ETF Hits $100M Milestone
- Chainlink Price Eyes $27 Rebound as Whales Accumulate 54M LINK
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.
