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Ethereum Whale Spends Over $3 Million on 200,000 Units of ApeCoin

 


Ethereum Whale Spends Over $3 Million on 200,000 Units of ApeCoin




ApeCoin, a crypto-token associated with bored apes, has become one of the most widely traded digital currencies on the Ethereum blockchain network.





Yuga Labs stated in a statement that the currency would need to relocate to its own chain in order to scale correctly.



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However, the token was merged with Polygon only days after the announcement, making it available to MATIC's 19,000 decentralized apps.


Notably, an ApeCoinDAO board member stated that "no discussion concerning an ApeCoin chain" has taken place.


ApeCoin's value was less than $14 at the time of publication. 



A whale acquired almost 200,000 units of the coin earlier today, according to data from WhaleStats, an on-chain data tracker. The transaction took place over 20 hours ago and is valued roughly $3.2 million, according to the on-chain tracker.


The whale's wallet, dubbed "Bonobo," is among the top 5 ETH addresses and contains the FTX native token, FTT, as well as USDT, USDC, Chainlink's LINK, and Wrapped Bitcoin.


Among Ethereum wallets, ApeCoin is the second most traded digital asset. Ethereum investors own 2.5 million units of the cryptocurrency, valued about $35 million. The Shiba Inu's SHIB is the most traded cryptocurrency among whales, with a market cap of $1 billion. 


ApeCoin’s Value Drop After Otherside Launch


In anticipation of the introduction of Yuga Labs Otherside, ApeCoin's value has risen to an all-time high. The currency was used to purchase the metaverse project, which raised demand and pushed the price up to $26.70.


According to statistics from Coingecko, the value of the currency decreased by over 44 percent in the first seven days following its introduction.




Yuga Labs stated in a statement that the currency would need to relocate to its own chain in order to scale correctly.


However, the token was merged with Polygon only days after the announcement, making it available to MATIC's 19,000 decentralized apps.


Notably, an ApeCoinDAO board member stated that "no discussion concerning an ApeCoin chain" has taken place.


ApeCoin's value was less than $14 at the time of publication. 

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