APE Futures Traders Face Losses after Token Surge

Token Surge

ApeCoin short position traders of futures tracking APE tokens have lost more than $4.5 million in the past day following a price surge of 13%.

Data from Coinglass shows that 66% of all APE futures were held in short positions, accounting for $2.81 million of all the losses, while $1.44 million were long on the digital asset.

Binance closed more than $1 billion in the volume of APE futures in the period, while the cryptocurrency exchange Bybit recorded the most losses of up to $1 million.

The price of the APE has since plunged to $14.83 since Monday’s peak. APE was trading at $13.88 on Sunday before rising to more than $15.44. The token has remained highly volatile, rising up to 90% and dipping as low as 80%.

ApeCoin was issued on March 17 as a governance token of ApeCoin DAO, an entity that manages the Bored Ape Yacht Club.

Source: Coindesk

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