Ethereum Whales Bags APE Coin Worth $6.6 Million

A couple of biggest Ethereum Whales bagged a notable number of APE coins 2 days ago. Transactions were tracked by well-liked whale-tracking resources.
It is noteworthy that this is tenth largest Ethereum whale, but his portfolio contains around 50% of FTT tokens, indigenous token of FTX exchange.
As this article was being written, APE coin was trading at a market price of $10.10, bearish by 11.97% in previous 24 hours.

APE Is Whales’ New Favorite

Release of BAYC’s APE coin has remained quite a news story to cover this week. Crypto asset entered open market on Thursday after holders of NFTs linked to Bored Ape Yacht Club received airdrop. It seems like big Ethereum holders are admiring this token well.

As per a whale tracking resource, WhaleStats offered details regarding a couple of Ethereum whales bagging a remarkable amount of APE just 2 days ago.

Among these 2 addresses, initial address acquired 300,000 APE coins (around $3.03 Million at current value) on 18th of March. At that time, transaction was equal to $4.2 Million, which means currently whale is swimming in loss.

Point to be noticed is that this Ethereum wallet was 10th largest, but his portfolio contains 50% FTX native token FTT.

Second acquisition was carried out by 20th biggest Ethereum Whale, who also acquired a similar amount of APE coins on same day. Meaning this whale is swimming alongside former in same waters.

What Is APE Coin?

APE coin is basically an ERC-20 utility as well as governance token utilized inside APE ecosystem for incentivizing and empowering decentralized community being developed at web3’s vanguard.

Holders of APE coin govern themselves through a decentralized governance structure handling ApeCoinDAO, and vote regarding its fund should be utilized. APE foundation manages proposals agreed upon by APE holders.

As this token enables its holders to take part in governance of ApeCoin DAO and offers them an open and shared currency which can be utilized without decentralized agents.

61% supply from total Ape coins was designated to Ecosystem Fund, which will assist initiatives driven by community as voted by members of ApeCoin DAO.

ApeCoin also enables accessibility to specific components of Ecosystem which are usually not available, such as services and exclusive games. For 3rd party devs, ApeCoin is gateway for taking part in ecosystem by consolidating ApeCoin into ApeCoin into games, services as well as other projects.

APE Foundation was granted 1 of 1 NFT by BAYC creators Yuga Labs. They have conveyed each right as well as privilege to this non-fungible token and its underpinned artwork to APE Foundation. Members of ApeCoin DAO can vote and decide regarding utilization of this intellectual property.

This acquisition of APE coin by Ethereum whales is an excellent start for cryptocurrency, and may get more prominence in upcoming future.

As this article was being written, BAYC’s APE was pulled by the bears, trading at a market value of $10.10, down by 11.97% in previous 24 hours.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing