Metaverse is just not an IT buzzword, it is the concept which is trying to subsume into the Web3 technology validated blockchain technology. The metaverse future will have an intense impact on our lives.
When talking about present, overall it’s been a crazy day for metaverse tokens. One one hand The Sandbox (SAND) has lost around 6.25% of its value over the last 24hrs and on the other side, ApeCoin (APE) has jumped with its bull rally.
At the time of reporting, ApeCoin is changing hands at $23.01 with a surge of 4.53% over the last 24hrs after the price rallied by 58.94% in the last seven days.
These numbers are too eye-catching when most of the cryptocurrencies are bleeding red including Bitcoin and Ethereum.
ApeCoin Gains Massive Traction
ApeCoin’s volume is seeing a surge where it has almost doubled of what level they were at the time of APE’s launch during March 2022.
Also the active addresses here are yet again seeing a climb. Currently, there are around 24,000 active addresses in the last 24hrs
However whales aren’t settling or letting go of such opportunities. The data from Santiment depicts that $1 million whale transactions were just not hopping towards north, but even reached at the highs which wasn’t seen even during APE launch. This proves that whales are grabbing the profit-taking opportunity.
Furthermore, as anything that is too good is not always the best, Binance had recently stopped APE lending due to massive demand, as reported by Wu Blockchain. Wu Blockchain’s tweet was as follows
“Binance has suspended the APE lending function, and the page shows that due to excessive demand, the remaining amount of APE available for lending is insufficient. Coinglass data shows that APE is the most liquidated coin outside of BTC and ETH in the past 24 hours.”