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 who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in Literary Studies from the University of Amsterdam and has an extensive background in writing about a wide range of topics including cybersecurity, travel, art, and culture. She has also volunteered as an editor for the animal rights organization, “Open Cages,” where she helped raise awareness about animal welfare issues. Currently, Agne splits her time between Barcelona, Spain, and Vilnius, Lithuania, where she continues to pursue her passion for journalism. Contact her on [email protected]

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