ApeCoin sees a decline in its value as 'Smart Money' wallets pivot to aSTETH.
In the wake of a busy NFT weekend, which included the landmark Otherside land sale by Yuga Labs, crypto traders are now leaving ApeCoin behind and gravitating towards Aave’s aSTETH. ApeCoin serves as the utility token for various BAYC initiatives, including the Otherside platform.
According to the recent data According to blockchain analysis from Nansen, in just the past day, over $1.2 million worth of ApeCoin has exited what they term 'smart money wallets'. These are typically large wallets owned by seasoned crypto players, including private investment funds, tech companies, and substantial investors.
This withdrawal of funds categorized as 'Smart Money' has led to a drop of more than 16% in ApeCoin’s price over the last two days. An unexpected market shift occurred during the weekend when Yuga Labs launched their Otherside project.
During the Otherside launch, users bought land plots represented as Otherdeed NFTs using ApeCoin. Each Otherdeed NFT essentially signified ownership of a piece of land in the Otherside metaverse, with the initial mint price set at 305 ApeCoin.
Not only did this mint surpass NFT sales records, raking in 100,000 ETH and generating $285 million for Yuga Labs within a single day, but it also overloaded the Ethereum network. As a result, traders incurred a staggering $180 million in gas fees.
In that same 24-hour timeframe, $0.8 million worth of aSTETH—Aave’s token linked to staked Ethereum (stETH)—flowed into the 'smart money' wallets. Although this was the largest recorded inflow according to Nansen, aSTETH’s market value remained steady against Ethereum’s price. Aave continues to be a leading liquidity platform for both lending and borrowing cryptocurrencies, boasting a total staked Ethereum supply of $3 billion.
In other developments regarding ApeCoin, the token has recently become accessible across more than 19,000 decentralized applications (dApps) and gaming platforms within the Polygon (MATIC) blockchain ecosystem.
Read related posts:
- The upcoming Bored Ape 'Otherside' metaverse launch is anticipated next week, resulting in a spike in ApeCoin's value as it reaches unprecedented levels.
- Creators behind the Bored Ape Yacht Club successfully amassed $450 million to fund their ambitious metaverse undertaking.
- $154 million has been expended in gas fees during the minting of land in the Otherside initiative.
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