Market experts reported that they had recorded a mass liquidation of futures for the ApeCoin cryptocurrency. The value of tokens has been very volatile over the past 24 hours amid news of unique features emerging in the Bored Ape Yacht Club (BYAC) ecosystem.
According to official data, futures that track APE from ApeCoin lost about $36 million in the last 24 hours as of 12:00 Moscow time on April 29, 2022.
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Analysts noted an interesting nuance: many traders did not have enough funds to fund a margin call when the exchange requested additional collateral for trading positions. This was due to a sudden appreciation ApeCoin to over $27.5 on the evening of April 28th. The day before, the price of the virtual asset was at $19.
After the mass liquidation, the APE fell sharply to $20.5. As of the current moment, the cryptocurrency is trading at $22.47, which is 11.53% more expensive than the same indicator a day ago.
Market experts said: the value of the asset has almost doubled over the past few weeks since the rate of the digital coin reached its own price bottom and amounted to $11.
The increased volatility in the last 24 hours, according to analysts, was the result of the fact that in the popular ecosystem of Bored Ape Yacht Club (BAYC) new virtual land plots for the future metaverse went on sale.
Earlier edition reported: A market analyst under the pseudonym Kobi has seriously criticized the governance system proposed by the developers of ApeCoin. According to the expert, the DAO structure created by programmers can bring big problems to investors in the future. This is due to the low level of decentralization and privileges for early participants.