Binance Stops Apecoin Lending Following Skyrocketing Demand

Popular and controversial crypto exchange, Binance, has announced that it would no longer offer Apecoin lending on its platform as its supply of the token cannot meet its demand. Famous china-based crypto journalist, Collins Wu, was the first to observe the notification on the Apecoin lending page. The demand for Apecoin started increasing following the announcement by Yuga Labs’ to launch its Otherside metaverse.

Apecoin Liquidations Hit Nearly $5.65M In 24 Hours

Binance users can obtain a simple crypto-collateralized loan through the platform’s lending option. However, the demand for Apecoin tokens has hit new heights in the last 30 days. APE’s price has gained nearly 2147% since its launch. Also, the token’s one-day trade volume has risen by more than 310% and is now nearly $7.5B.

However, recent Coinglass data showed that the APE tokens rank among the most liquidated tokens in the past 24 hours. Nearly $5.63M worth of APE tokens has been withdrawn from the crypto market within this period. The top two most liquidated tokens are eth and BTC, which experienced $29.38M and $29.30M worth of liquidations within the period mentioned above.

One of the reasons for the vast number of Binance users with Apecoin requests was a voucher reward that the exchange recently launched. It rewarded new users with Apecoin tokens for sharing the Binance app with their friends.  

Ethereum Whales Buy More APE Tokens

As of this writing, the APE price is $22.11. Apecoin gained more than 8% in the past day. Despite being launched last month, APE tokens’ overall evaluation has surpassed $6.1B, and the token has risen to become one of the top 30 cryptos within this short period. Even though Yuga labs has canceled the launch of the Otherside metaverse, which was earlier scheduled for April 39, Ethereum continues to increase its Apecoin holdings.

Whalestats data revealed that two top Ethereum wallets increased their Apecoin holdings by purchasing nearly $6M worth of these tokens in the past day. An 859th-ranked Ethereum whale was responsible for more than 50% of these APE token purchases.

Data from various on-chain analytics platforms showed that the top eth wallets now collectively hold more than $37M worth of APE tokens. Also, the Apecoin tokens are now the most purchased tokens by Ethereum Whales, ahead of the dog-themed Shiba Inu cryptocurrency.

Analysts Predict Apecoin Price By The End Of 2022

Earlier in the week, finder.com (a product comparison platform) surveyed 37 Fintech experts to predict the APE token’s price by the end of 2022. The APE token price set a new peak price on Thursday after hitting $26.79 per Coinmarketcap data. However, the price has since declined and now trades at $22.11 as of this writing.

The analysts predict that the token should trade at $27.73 by year-end. Hence, 50% of them suggest that crypto investors can buy and hold this digital asset. The analysts believe that the current NFT hype will continue to push the token’s price till at least the end of this year.

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