Over the last couple of days, ApeCoin, a project inspired by Yuga Labs’ Bored Ape Yacht Club, has been one of the most discussed topics in the crypto community.
ApeCoin Continues as ETH Whales’ Most Traded Token
According to compiled by Whalestats, the BAYC inspired ApeCoin has been the most traded cryptocurrency by the 1,000 biggest Ethereum wallets over the last 24 hours, maintaining this status for the fifth consecutive day.
The token also ranks fifth among the top ten purchased tokens in the last week. ApeCoin is also ranked fifth among the most used smart contracts by Ethereum whales.
Within six days of its launch, ApeCoin has reached 36,742 wallet addresses.
ApeCoin’s Recent Market Performance
ApeCoin burst onto the scene, instantly marking its place as a top-50 crypto, recording over $7.77 billion in trades in the first 24 hours of its launch. However, it has been far from smooth sailing since then.
After its value rose to heights of $40 from its original listing price of $8, ApeCoin has fallen by 67% over the last week. The token now trades at $13.1745 as of this writing, having dropped by 5% in the last 24 hours.
The 24 hour price chart for ApeCoin (APE). Source: Tradingview
On the Flipside
- ApeCoin sparked renewed criticism of NFTs and Web 3.0, as the airdrop enabled wealthy NFT owners to make millions overnight.
Why You Should Care
ApeCoin is looking to change the narrative around airdropped tokens as it is planned for use in the governance of ApeCoin DAO’s and as a means of accessing exclusive games, merch, events, and services.