The token related to Bored Ape, ApeCoinhas 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.
We’re sorry for turning off the lights on Ethereum for a while. It seems abundantly clear that ApeCoin will need to migrate to its own chain in order to properly scale. We’d like to encourage the DAO to start thinking in this direction.
– Yuga Labs (@yugalabs) May 1, 2022
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 polygonalwhich 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.