Bored Ape-related crypto-token, ApeCoin, has become one of the most traded digital currencies on the Ethereum chain network.
Per data from WhaleStats, an on-chain data tracker, a whale had purchased over 200,000 units of the coin earlier today. The on-chain tracker revealed that the transaction happened over 20 hours ago and it is worth around $3.2 million.
The whale’s wallet, named “Bonobo”, ranks in the top 5 ETH addresses and holds the native token of FTX, FTT alongside others like USDT, USDC, as well as Chainlink’s LINK, and Wrapped Bitcoin.
ApeCoin is the second most traded digital asset amongst Ethereum wallets. Ethereum investors hold 2.5 million units of the coin, which is worth approximately $35 million. Shiba Inu’s SHIB is the most traded coin amongst whales as they hold roughly $1 billion worth of the coin.
ApeCoin’s Value Drop After Otherside Launch
ApeCoin’s value had spiked to an all-time high in anticipation of the launch of Yuga Labs Otherside launch. The metaverse project was bought with the coin which had led to an increased demand that pushed it to as high as $26.70.
However, immediately after the launch, the value of the coin dropped by almost 44% within the last 7 days, per data from Coingecko.
Yuga Labs, in a statement, had hinted that the coin might have to migrate to its own chain so that it can properly scale.
However, days after the statement, the coin was integrated with Polygon, meaning it is now available to MATIC’s 19,000 decentralized applications.
Notably, an ApeCoinDAO board member revealed that there has been no “No discussion about an ApeCoin chain.”
As of press time, ApeCoin’s value was trading for less than $14.