Tue. May 17th, 2022

The token related to Bored Ape, ApeCoin, has become one of the most traded digital currencies on the Ethereum network. According to data from WhaleStats, an on-chain data tracker, a whale had purchased more than 200,000 units of the currency earlier today. The on-chain tracker revealed that the transaction occurred more than 20 hours ago and is worth around $3.2 million. The whale’s wallet, called “Bonobo”, was locate among the top 5 ETH addresses and contains the native token of FTX, FTT along with others like USDT, USDC, as well as LINK from Chainlink and Wrapped Bitcoin.

ApeCoin it is the second most traded digital asset among Ethereum wallets. Ethereum investors hold 2.5 million units of the currency, which is worth approximately $35 million. The SHIB token of Shiba Inu it is the most traded currency among whales, as they are worth approximately one billion dollars.

ApeCoin drop in value after Otherside launch

ApeCoin value soared to an all-time high in anticipation of Yuga Labs launch other side. The metaverse project was bought with the coin, causing a spike in demand that took it to $26.70. However, immediately after the launch, the value of the coin fell by almost 44% in the last 7 days, according to data from Coingecko.

Yuga Labs, in a statement, had hinted that the coin may have to migrate to its own chain in order for it to scale properly. However, days after the declaration, the currency was integrated with polygonal, which means that it is now available for all 19,000 MATIC decentralized applications. In particular, a board member of ApeCoinDAO revealed that there has been “no discussion of an ApeCoin Blockchin”. At press time, the value of ApeCoin was trading for less than $14.

By Farwa Raza

Farwa Raza is a writer who specializes in news articles. She has been writing on wttspod.com for over one years, and during that time she has written over 100+ articles on various topics ranging from politics to entertainment. Her goal as an author is to provide readers with the latest news stories while also providing her own opinion on them.