The New Token Ethereum Whales Are Bullish On

Ethereum whales have been going hard on the recently launched BAYC token, Apecoin. By now, almost everyone has heard about Apecoin; the highs and lows, the good, the bad, and the ugly.

This cryptocurrency that was launched by one of the most prestigious NFT clubs in the space received much fanfare upon launch. The coins which had a portion reserved for holders of the BAYC NFTs had been open to the public for trading. Due to its popularity, it had surged high on the first day and had subsequently slumped in price. However, this slump has not deterred investors as Ethereum whales continue to throw money at the digital asset.

Ethereum Whales Buy Millions Of Apecoin

During the weekend, Ethereum whales showed their stance on Apecoin as they purchased millions of dollars worth of the digital asset. These whales took to purchasing a large amount of the tokens, significantly increasing their position in the coin.

Related Reading |Metaverse To Have A New Lender The Worlds First Crypto-Based Bank

Since they had purchased while the coin was still reeling in the afterglow of its launch, they had purchased at a higher price than what the coin is now trading for, which means the whales who bought these coins are currently recording a loss from their investments.

The most prominent of these was the purchase made by the owner of the 10th largest Ethereum whale. This whale had bought $4.2 million worth of Apecoin, which came out 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 purchased more Apecoin. This time around, it was the 20th largest ETH whale. This whale had mirrored the activity of the first and had purchased the exact number of Apecoin at the same time. Both of these whales had purchased a collection total of 600,000 Apecoins, which came out to a dollar value of about $6.6 million.

Topping The Charts

Even though Apecoin is not doing as well as expected following its launch, it is still garnering massive support from big 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 the trading volume.

Related Reading |Data Leak At Unchained Capital, NYDIG, Swan & BlockFi. At The Same Time

The cryptocurrency is now the most traded token among these large investors. In the last 24 hours, it has entered the top 10 list of activities among these Ethereum whales, even topping some in the process.

Apecoin has entered the top 10 most purchased tokens list among the top 1,000 Ethereum wallets, but it is also on the list for the top 10 sold tokens, appearing 3rd and 4th on the list respectively.

On the smart contracts side, Apecoin is doing quite well as it sits at the top of the list for the most used smart contracts among these wallets. Up 10.31% in 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