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Binance Suspends ApeCoin Lending As Demand Skyrockets

Binance, the world’s largest crypto exchange, has temporarily suspended lending of ApeCoin (APE) as its current supply of the token is unable to meet a surge in demand.

According to crypto reporter Wu Blockchain, the APE lending page is showing a notice that due to excessive demand the remaining amount for APE token lending is insufficient.

APE demand has skyrocketed ahead of the launch of Yuga Labs’ widely anticipated metaverse, Otherside.

Over $5.62 million worth of Apecoin liquated in 24 hrs

The Binance lending option gives a user an easy crypto-collateral loan. APE tokens have become the most wanted coin in just one month. The Apecoin prices are already up by 2145% since its inception.  Meanwhile, APE’s 24 hour trading volume of $7.4 Billion is up by over 300%.

Meanwhile, according to data released by Coinglass, the ApeCoin is the third most liquidated token in the last 24 hours. Around $5.62 million worth of APE tokens have been pulled out of the market in the past 24 hours. While over $20.37 million and $20.29 million worth of Bitcoin and Ethereum, respectively have been liquidated from the market.

Recently, Binance launched a token voucher reward by registering and sharing ApeCoin.

Whales add over $5.7 million worth of APE token

The APE token is trading at an average price of $22.09, at the press time. The ApeCoin prices have registered a gain of over 7% in the last 24 hours. In a short period of time, the token has managed to reach the top 30 cryptocurrencies with a total market capitalization of over $6 Billion.

The Ethereum (ETH) whales are still accumulating the APE token as Yuga Labs’ auction of land in its metaverse was called off. According to WhaleStats, more than $5.7 million worth of ApeCoin has been added by the ETH wallets in the last 24 hours. An ETH whale named “BlueWhale0098” has single handedly added $3.4 million worth of the APE tokens.

As per the data, the largest of the ETH wallets cumulatively holds over $36 million worth of ApeCoin. The Ape token has also emerged as the most traded token by the biggest of the ETH whales.

Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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