At time of publication, APE is changing hands at around $5.90, up 13% on the day, with a 33% surge in trading volume over the past 24 hours.
According to data from Coinglass, ApeCoin futures positions totaling $4.12 million have been liquidated over the past 24 hours. Of the $4.03 million liquidated, around 33% were long positions, with the majority of liquidations coming from blown-out short positions.
APE is currently the 32nd-largest cryptocurrency, with a market capitalization of just under $1.78 billion.
What is ApeCoin?
ApeCoin is an Ape Yacht Club NFT PFP collection. -based token that powers the growing ecosystem of projects based on the Bored
Used for utility and governance, it was created by ApeCoin DAO, a Ape-themed platform, Otherside. set up to govern the token and its future roadmap; its most eye-catching application to date is as a utility token in the Bored
ApeCoin’s current price action accompanies a minor recovery on the part of the wider crypto market, with and both up around 3.5% on the day, following a week-long slide.
It also comes as ApeCoin prepares to launch a staking program. In May, ApeCoin holders voted to pick Horizen Labs to build its staking platform, which will offer token rewards to users who stake (or hold) ApeCoin, Bored Ape and Mutant Ape NFTs.
Earlier this month, Horizen Labs provided a sneak peek into the staking program’s user interface, as the platform gears up for its expected launch in Fall 2022. Last week, the company announced plans to host a Twitter space on September 22 to update the community on the latest developments.
Stay on top of crypto news, get daily updates in your inbox.
Source: Decrypt.co[mailpoet_form id="3"]
Cryptocurrency news, blockchain news, markets news, cryptocurrency analysis, cryptocurrencies prices.