ApeCoin Now Has Nearly $4.1M in Liquidations after Surging 13% over the last 24 hours

ApeCoin gains 4.1M in liquidations

According to coinglass data, traders of futures tracking ApeCoin (APE) lost nearly $4.1 million in the past 24 hours.

APE was shorted by 66% of all futures traders, who were betting against higher prices. $2.81 million of the total losses came from this, while $1.44 million came from long positions.

Last night, APE was trading at $13.88 before soaring to $15.55 in the early Asian hours of Monday. APE was released on March 17th and was immediately listed on a number of reputable crypto exchanges, including Coinbase, Binance, and FTX. Prices were extremely volatile in the days following, jumping by as much as 90% after falling by as much as 80%.

The ApeCoin was introduced to the NFT community on March 16. ApeCoin is an ERC-20 governance and utility token used within the APE ecosystem. ApeCoin is owned and operated by the ApeCoin DAO, a decentralized organization where each token holder gets to vote on governance and use of the Ecosystem Fund. Holding ApeCoin is the only requirement for membership in the ApeCoin DAO.

The DAO is supported by APE Foundation, which facilitates decentralized and community-led governance and is designed to become more decentralized over time. The goal of the APE Foundation is to steward the growth and development of the APE ecosystem in a fair and inclusive way. It utilizes the Ecosystem Fund, which is controlled by a multi-sig wallet, to pay its expenses as directed by the ApeCoin DAO and provides an infrastructure for ApeCoin holders to collaborate through open and permissionless governance processes.

ApeCoin DAO’s council members include Reddit co-founder Alexis Ohanian, FTX’s Amy Wu, Sound Ventures’ Maaria Bajwa, Animoca’s Yat Siu, and Horizen Labs Dean Steinbeck.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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