Traders of ApeCoin (APE) futures lost almost $4.5 million in the last 24 hours as prices rose 13% amid a larger market rally, according to data from Coinglass.
The recently-issued token was shorted by 66 percent of all APE futures dealers, who were betting against increasing pricing. $2.81 million of the total losses came from this, while $1.44 million came from long positions, or bets on higher prices.
On Sunday night, APE was trading at $13.88 before soaring to $15.44 in the early Asian hours of Monday. APE was launched on March 17 and has since been listed on a number of well-known cryptocurrency exchanges, including Coinbase. Prices were extremely volatile in the days following, jumping by as much as 90% after falling by as much as 80%.
The ApeCoin DAO, a community-led organization that manages the Bored Ape Yacht Club (BAYC) environment, uses APE as its governance token. With a market valuation of over $3.4 billion, BAYC is one of the most popular NFT enterprises.
Binance, the largest crypto exchange, processed over $1 billion in volume on APE futures, the biggest of any cryptocurrency exchange. Bybit, on the other hand, suffered the most losses from APE liquidations, totaling roughly $1 million. When a trader’s funds are insufficient to keep a leveraged deal open, liquidation occurs.
APE prices have fallen since Monday’s highs, to $14.83 at the time of writing, as traders profited.
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