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ApeCoin (APE) Remains Ethereum Whales’ Most Traded Token for Five Consecutive Days

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. 

The utility token, created by Apecoin DAO and issued to Bored Ape and Mutant Ape NFT, holders has had a remarkable run of form and gained massive support in its first week in the crypto space.

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.

Data from Whalestats

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. 

Data from Whalestats

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.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

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Author

Milko Trajcevski has been in the crypto world for years, and as such has gathered both a skill for writing as well as a native prowess when it comes to understanding everything that occurs within that world. Through skilled writing and determination, he covers articles about cryptocurrency, tokens, blockchain, crypto-asset regulations, crypto wallets, exchanges, liquidity, DApps, forks, mining, security, and blockchain technologies. He is a professional with a track record of proven expertise within the crypto space.