Binance crypto exchange has temporarily suspended lending of ApeCoin (APE) due to a rise in demand exceeding the token supply.
The APE loan page is presenting a notification stating the remaining quantity for APE token lending is insufficient due to overwhelming demand, according to crypto reporter Wu Blockchain.
Binance lending allows users to take out a simple crypto-collateral loan. In just one month, APE tokens have become the most sought-after cryptocurrency. Since its start, Apecoin prices have increased by 2145 percent. Meanwhile, APE’s 24-hour trade volume has increased by almost 300 percent to $7.4 billion.
Meanwhile, the ApeCoin is the third most liquidated coin in the last 24 hours, according to Coinglass data. In the last 24 hours, $5.62 million worth of APE tokens has been removed from the market. While more than $20.37 million and $20.29 million worth of Bitcoin and Ethereum were liquidated from the market, respectively.
By enrolling and distributing ApeCoin, Binance just announced a token voucher prize.
ApeCoin sees a price surge
At the time of publication, the APE token was trading at an average price of $22.09. The price of ApeCoin has increased by more than 7% in the previous 24 hours. The coin has risen to the top 30 cryptocurrencies in a short period of time, with a total market capitalization of over $6 billion.
The APE currency is still being hoarded by Ethereum (ETH) whales, despite Yuga Labs’ cancellation of its metaverse land auction. According to WhaleStats, ETH wallets have added more than $5.7 million worth of ApeCoin in the last 24 hours. “BlueWhale0098,” an ETH whale, has added $3.4 million worth of APE tokens by himself.
According to the data, the largest of the ETH wallets owns almost $36 million in ApeCoin. The Ape token has also become the most popular among the biggest ETH whales.
