2 years ago
Traders of futures tracking ApeCoin (APE) mislaid implicit $4.5 cardinal successful the past 24 hours arsenic prices surged by 13% amid a broader marketplace jump, data from tracking took Coinglass show.
Some 66% of each APE futures traders were short, oregon betting against higher prices, the recently-issued token. These accounted for $2.81 cardinal of each losses, portion $1.44 cardinal were long, oregon betting connected higher prices.
APE traded astatine the $13.88 level connected Sunday night, surging implicit $15.44 successful aboriginal Asian hours connected Monday. APE was issued connected Mar. 17 and saw listings connected respective influential crypto exchanges, specified arsenic Coinbase. Prices were volatile successful the days afterward, rising arsenic overmuch arsenic 90% aft sinking 80%.
APE is the governance token of the ApeCoin DAO, a community-led enactment to negociate the Bored Ape Yacht Club (BAYC) ecosystem. BAYC is 1 of the astir fashionable NFT projects with a marketplace capitalization of implicit $3.4 billion.
Crypto speech Binance processed implicit $1 cardinal successful measurement connected APE futures, the astir among each crypto exchanges. Bybit, however, saw the astir losses connected APE liquidations astatine astir $1 million. Liquidation happens erstwhile a trader has insufficient funds to support a leveraged commercialized open.
Prices of APE fell since Monday’s highs to $14.83 astatine penning clip arsenic traders took profits.
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Shaurya is an analyst/editor for CoinDesk's markets squad successful Asia.
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