ApeCoin, the governance token of the popular non-fungible token (NFT) collection Bored Ape Yacht Club, has recently become the most traded token among the largest whales on the Ethereum ($ETH) network, with Shiba Inu and FTX’s $FTT remaining as top holdings.
According to data shared from whale monitoring service WhaleStats, APE became the most traded token among Ethereum whales shortly after its launch and at a time in which its price is starting to stabilize after initially surging and plummeting.
WhaleStats« data shows APE is among the top 10 purchased top by the 1,000 largest whales on the Ethereum network, with USDT coming in the top place. USDT’s average purchase amount is of over $730,000, and it’s followed by ETH with an average purchase amount of $322,000. Behind it is USDC with a $275,000 average purchase amount and next comes APE, with a $45,000 purchase amount.
The meme-inspired cryptocurrency Shiba Inu is down the list with a $13,600 average purchase amount. FTT does not appear on the list, suggesting whales are simply hodling the token but not actively accumulating it.
APE, it’s worth noting, was listed on major cryptocurrency exchanges Coinbase and Binance shortly after being launched, which significantly boosted its liquidity right off the bat. The cryptocurrency is also being accepted as a payment method by TIME Magazine’s web 3.0 initiative, TIMEPieces.
The Bored Ape Yacht Club collection is currently the most valuable one according to Crypto.com data. It’s followed by the CryptoPunks collection and by the Mutant Ape Yacht Club collection.
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