A favorite of Ethereum investors holding massive amounts of Shiba Inu (SHIB) stood out as ApeCoin (APE), which was created based on the Bored Ape Yacht Club (BAYC) ecosystem, a popular NFT collection. Here is the data on where investors are spending their money…
Shiba Inu whales’ new favorite is ApeCoin (APE)
ETH investors who own a large amount of Shiba Inu are currently the most traded among the top 100 ETH whales Bought it from APE, the cryptocurrency that saw it. WhaleStats, a cryptocurrency data platform, reports that Ethereum (ETH) whales have purchased a total of $9 million in APE tokens. This acquisition was made through two major transactions. The whale wallet that made the first major purchase was named “Jiraiya”. Jiraiya purchased approximately 500,000 APEs worth $8.1 million. Another whale, Bombur, purchased approximately 70,800 APEs worth $1.2 million.
According to WhaleStats homepage, APE is currently the most traded cryptocurrency among the largest ETH whales. Apecoin is an ERC-20 management and utility token used in the APE Ecosystem to power and foster a decentralized community building at the forefront of web3. ApeCoin holders manage themselves through the decentralized governance framework that controls the ApeCoin DAO and vote on how the ApeCoin DAO Ecosystem Fund should be used.
ApeCoin gained momentum with Otherside land sales
Since Yuga Labs, creators of popular NFT projects such as Bored Ape Yacht Club, announced their Metaverse project, Otherside, the expectation of actual sales has been rising. Recently, there has been a significant price increase for the coin with the rumor that BAYC’s local currency, ApeCoin, will be used to purchase virtual land. As expected, APE charted an all-time high just days before the sale of Yuga Labs began. Data from Etherscan shows that users paid around 64,000 ETH fees on Otherside in the past day.
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