Apecoin ($APE) Becomes The Most Traded Token Among Ethereum Whales ! Is it Worth Buying?

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In the previous 24 hours, the APE crypto project has become the most acquired digital currency by the largest Ethereum wallet. Yuga Labs unveiled ApeCoin last week, a coin that would be utilized in future gaming and entertainment apps.

An airdrop of 1 billion ApeCoins was given out at the start of the project. According to CoinMarketCap, it had a trading volume of nearly $9.2 billion in just one day.

What is an Apecoin?

ApeCoin is a utility and governance token based on Ethereum (ERC-20) that is used within the APE network. It allows for decentralised transactions inside the ecosystem and empowers the entire community to advance to the forefront of web 3.0 development.

APE became the most traded token among the top 1,000 Ethereum (ETH) wallets shortly after its introduction, according to data published by whale monitoring site WhaleStats.

The coin was the fourth most purchased token in the top ten at the time of publication, with an average purchase price of $41,833. Furthermore, two of the largest Ethereum whales just snatched up a large amount of APE.

Apecoin $APE Whales Accumulation

On March 21, the first address purchased 300,000 APE (worth $3.3 million at current pricing). The purchase was worth $4.2 million at the time, therefore the whale suffered a loss. The second transaction was carried out by the Ethereum ecosystem’s 20th whale, who purchased the same number of APEs on the same day.

In addition, after being listed on major cryptocurrency exchanges Coinbase and Binance, the token received a lot of attention.

On the other hand, Time Magazine’s web3 community effort TIMEPieces announced on March 20 that the news magazine would begin accepting ApeCoin as a means of payment for digital subscriptions in the coming weeks.

ApeCoin is already listed on a number of popular cryptocurrency exchanges and crypto analytics platforms. Gemini, FTX, Coinbase, Binance, Global Coin, eToro, Kracken, and Voyager are among them.