Traders of futures tracking ApeCoin (APE) lost over $4.5 million in the past 24 hours as prices surged by 13% amid a broader market jump, data from tracking took Coinglass shows.
- Some 66% of all APE futures traders were short, or betting against higher prices, the recently issued token. These accounted for $2.81 million of all losses, while $1.44 million in gains were for traders who were long, or betting on higher prices.
- APE is the governance token of the ApeCoin DAO, a community-led organization that manages the Bored Ape Yacht Club (BAYC) ecosystem. BAYC is one of the most popular non-fungible token (NFT) projects, with a market capitalization of over $3.4 billion.
- Crypto exchange Binance processed over $1 billion in volume on APE futures, the most among all crypto exchanges. Bybit, however, saw the most losses on APE liquidations at nearly $1 million. Liquidation happens when a trader has insufficient funds to keep a leveraged trade open.
- Prices of APE fell since Monday’s highs to $14.83 at writing time as traders took profits.
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