Futures traders tracking ApeCoin (APE), lost more than $4.5 million over the past 24 hours due to prices rising by 13% amid a wider market jump. data took Coinglass show.
66% of all APE Futures traders were short or bet against higher prices. These accounts for $2.81million of all losses. $1.44 million are long or bet on higher prices.
APE traded at $13.88 on Sunday night and jumped over $15.44 in the early Asian hours of Monday. APE was first issued in March. 17 and was listed on many prominent crypto exchanges such as Coinbase. After dropping 80%, prices were volatile. rose as high as 90% in the days that followed.
APE is the governance token for the ApeCoin Dao, a community-led organisation that manages the Bored Ape Yacht Club ecosystem. BAYC has a market capitalization exceeding $3.4 billion and is one of the most widely used NFT projects.
Binance, a crypto exchange, processed more than $1 billion worth of APE futures volume. This is the highest volume among all cryptocurrency exchanges. At nearly $1 million, Bybit suffered the largest losses in APE liquidations. When trader’s funds are not sufficient to maintain a leveraged trade, liquidation occurs.
APE prices fell to $14.83 from Monday’s peak, as traders took profit.