This NFT Coin Is Most Traded Token By Ethereum Whales Ahead Of Merchandise Drop

ApeCoin APE/USD continued to be the most traded cryptocurrency by the 1,000 biggest Ethereum ETH/USD wallets last week.

What Happened: ApeCoin was the most traded token in the past 24 hours, as at press time late Sunday, according to data from cryptocurrency data platform WhaleStats.

The token also ranked seventh among the top ten purchased tokens as well as the most used smart contracts by the Ethereum whales.

See Also: How To Buy ApeCoin (APE)

Why It Matters: Decentralized organization ApeCoinDAO recently launched ApeCoin as a token for culture, gaming and commerce to build out Web3 efforts.

The token is a decentralized project inspired by Yuga Labs’ Bored Ape Yacht Club (BAYC) non fungible token (NFT) project.

Yuga Labs said that the Bored Ape store — featuring merchandise based on both Bored Ape Yacht Club and Mutant Ape Yacht Club — will open Monday, March 28, and close Wednesday, March 30. The merchandise drop would be available to holders only with the ApeCoin token.

Price Action: ApeCoin is up 10.6% during the past 24 hours, trading at $14.99 at press time.

Meanwhile, apex cryptocurrency Bitcoin (CRYPTO"BTC) is up 5.4% during the period to $46,912.51, according to data from Benzinga Pro.

Read Next: Sudden Burst: Bitcoin Pushes Above $46,000 For The First Time Since Jan. 5