Ethereum whales have been hard at work on the recently launched BAYC token, Apecoin. By now, almost everyone has heard of Apecoin; the ups and downs, the good, the bad and the ugly.
This cryptocurrency which was launched by one of the most prestigious NFT clubs in the space received a lot of fanfare when it launched. Coins that had a portion reserved for BAYC NFT holders had been opened to the public for trading. Due to its popularity, it surged on the first day and then its price dropped. However, this crisis has not deterred investors, as Ethereum whales continue to throw money at the digital asset.
Ethereum whales buy millions of Apecoin
Over the weekend, Ethereum whales showed their position on Apecoin by buying millions of dollars worth of the digital asset. These whales started to buy a large amount of tokens, increasing their position in the coin considerably.
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Since they bought while the coin was still reeling from its launch, they bought at a higher price than the coin is currently trading at, meaning the whales that bought these coins are currently incurring a loss. on their investments.
Chief among these was the owner’s purchase of the 10th largest Ethereum whale. This whale had purchased $4.2 million worth of Apecoin, which amounted to 300,000 APE at the time of purchase.
ApeCoin crashes to $10 days after launch | Source: ApeCoin/USD on TradingView.com
Another whale had followed this same path and bought more Apecoin. This time it was the 20th largest ETH whale. This whale had mirrored the activity of the former and purchased the exact number of Apecoin at the same time. These two whales had purchased a total collection of 600,000 Apecoins, worth around $6.6 million.
Top of the charts
Even though Apecoin is not doing as well as expected after its launch, it continues to garner massive support from major investors. WhaleStats is a service that reports on the activity of the top 1,000 whales and currently Apecoin is doing well in terms of trading volume.
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Cryptocurrency is now the most traded token among these big investors. In the past 24 hours, it has entered the top 10 list of activities among these Ethereum whales, even surpassing some in the process.
Apecoin entered the list of the 10 most bought tokens among the top 1,000 Ethereum wallets, but it also made the list of the top 10 sold tokens, appearing 3rd and 4th respectively on the list.
On the smart contract side, Apecoin is doing quite well as it tops the list of the most used smart contracts among these wallets. Up to 10.31% usage in the last 24 hours.
APE is currently trading at $10.4275, down more than 40% from its all-time high of $17.9.
Featured image from AtoZ Markets, chart from TradingView.com