ApeCoin value drops, ‘Smart Money’ wallets move to aSTETH

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After a busy weekend for the NFT world including the historic metaverse land sale of Yuga Lab’s ‘Otherdeed for Otherside,’ crypto traders are leaving behind ApeCoin and moving towards Aave’s aSTETH. ApeCoin is the utility token that would be used for BAYC projects, including Otherside.

According to the recent data from blockchain analytics company Nansen, during the last 24 hours more than $1.2 million worth of ApeCoin exited what Nansen calls “smart money wallets” – the large digital wallets of experienced crypto investors, including private funds, tech firms, and crypto whales. 

This outflow of ‘Smart money’ resulted in ApeCoin’s price falling over 16% over the past 48 hours, although the real market surprise came during the weekend when Yuga Labs debuted their Otherside metaverse project. 

Users purchased Otherside metaverse land (Otherdeed) with ApeCoin. Every Otherdeed NFT represented a title to a plot of land in the “Otherside” metaverse, and the mint price started at 305 ApeCoin. 

The mint not only broke the NFT sales record – 100,000 ETH in sales volume and $285 million in revenue for Yuga Labs in 24 hours, but also the high demand congested the Ethereum network, burning $180 million in gas fees from traders.

During the same 24-hour period, $0.8 million worth of aSTETH – Aave’s token for staked Ethereum (stETH) poured into ‘smart money’ wallets. Even though Nansen saw this as the largest inflow in their historical data, aSTETH’s value didn’t fluctuate in comparison to Ethereum’s price. Aave is known as the top liquidity protocol for supplying and borrowing cryptocurrencies, with a total supply of $3 billion in stETH. 

In other ApeCoin news, the token is now available for more than 19,000 dApps and games on the Polygon (MATIC) blockchain.

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Agne Cimermanaite

Agne is a journalist and writer with a background in literature, culture, and arts. She entered the Web3 space in 2021 and began writing about cryptocurrency and NFTs. Agne is passionate about technology and storytelling and is always on the lookout for exciting stories.

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