The world's largest cryptocurrency exchange, Binance, has temporarily suspended lending in ApeCoin (APE) as the current supply of the token cannot meet the rush demand.
Binance lending involves issuing a simple loan to the user secured by cryptocurrency, and APE tokens have become the most sought-after coin in just a month of existence.
Since its inception, Apecoin prices have surged 2145%, and APE's $7.4 billion 24-hour trading volume is up over 300%.
It is no coincidence that Ethereum whales are actively accumulating the APE token: according to WhaleStats, ETH wallets have added over $5.7 million worth of ApeCoin in the last 24 hours. A cryptokit named “BlueWhale0098” single-handedly acquired APE tokens worth $3.4 million .
The largest of the ETH wallets holds a total of over $36 million worth of ApeCoin.