ApeCoin Sees Keen Interest From Top Ethereum Whales Over the Weekend Despite Shaky Debut

ApeCoin tokens have been in hot demand among Ethereum whales of late, as per data from crypto whale-tracking resource WhaleStats.

ApeCoin Sees Keen Interest From Top Ethereum Whales Over the Weekend Despite Shaky Debut

Photo Credit: Twitter/ ApeCoin

ApeCoin hasn't had the best of debuts in terms of price but investor interest is sky-high

  • Popular Ethereum whale 'Gimli' has added ApeCoin to its portfolio
  • The governance token's market cap has reached close to $3 billion
  • ApeCoin's value has fallen since its debut on March 17

ApeCoin, the token linked to the popular Bored Ape Yacht Club (BAYC) NFT collection, has received overwhelming attention from crypto investors including the biggest of Ethereum whales. As per a reputed whale-tracking resource, two of the largest Ethereum whales — 10th and 20th largest coin holders on the Ethereum network precisely — have bought 6,00,000 ApeCoins, valued at around $8.4 million (roughly Rs. 64 crore) at current prices. Other whales have been active too, taking the ApeCoin score for Ethereum whales to 9,00,000 coins already.

As per WhaleStats, one of the largest Ethereum whales within the crypto community know as 'Gimli' has also added ApeCoin to their large investment portfolio. This whale address holds 375 billion Shiba Inu tokens and has now purchased 300,000 ApeCoins. As per on-chain transaction data, the whale made the purchase through two different transactions, where the whale initially bought 84,090 APE and added another 216,220 APE.

Unveiled last week, ApeCoin's popularity has skyrocketed since its debut. The token, which Bored Ape and Mutant Ape Yacht Club NFT holders can claim for free, initially hit a peak of $39.40 (roughly Rs. 3,000) per token according to data from CoinMarketCap. However, it quickly sank and has been hovering below the $10-15 (roughly Rs. 760 - 1,140) mark since Friday.

ApeCoin will initially be used as an in-game token for Yuga Labs titles starting with action-adventure mobile game Benji Bananas. Going forward, ApeCoin sales will be used to fund various digital and physical projects. Each token awards a single vote allowing individual holders to have a say on future ventures.

According to Yuga Labs' website dedicated to ApeCoin, only 1 billion ApeCoins will be minted in perpetuity, and 9.75 percent will be held by Yuga Labs, 14 percent will go to launch contributors, 8 percent to the Yuga Labs founders, and 6.25 percent will be donated to the Jane Goodall Legacy Foundation aimed at preserving chimpanzee habitats and inspiring the youth to care for wildlife and the planet.

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Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.

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