Flash bot caught making over $2 million over ApeCoin via UniSwap and SushiSwap.
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ApeCoin was created on the back of the Ethereum blockchain, an ERC-20 coin.
The creators of ApeCoin also own CryptoPunks, Bored Ape Yacht Club Bores Apes (BAYC), Meebits (recently acquired by Yuga Labs) Mutant Ape Yacht Club (MAYC) and the Bored Ape Kennel Club.
Yuga Labs (the owner of the above projects) non-fungible tokens (NFTs) are owned by many known figures from the financial and entertainment industry.
The release of ApeCoin has a positive impact on BAYC NFTs, attaining a floor price of approximately 100 ETH. In the past 14 days Mutant Apes average price climbed higher from 16 ethers (average price) to 23.7 ethers (average) according to OpenSea.
APE trading volumes exceeded $4 billion on the first trading day. Large crypto exchanges added ApeCoin upon its release. Some of the top cryptocurrency exchanges that listed APE are Binance, KuCoin, Kraken, Gemini, BKEX and eToro.
According to CoinMarketCap (CMC), APE/USDT has the biggest trading volumes. Mandala Exchange has the highest trading volume in APE/USDT at the time of this writing, $655,402,658.
Perpetual contracts for ApeCoin (APE/USD) are only available at FTX. More exchanges may add APE perpetual cryptocurrency futures.
Arbitrage Bots Profited from ApeCoin
When ApeCoin was launched there were liquidity issues. As opposed to centralized exchanges (CEX) like Binance, decentralized exchanges (DEX) were hammered by flash bots.
I would like to focus on SushiSwap to demonstrate what occurred last week.
When ApeCoin was trading at around $13 during the day of the launch, 8,769 APE (approx.) were sold for 140.50 ETH (just under $400,000). SushiSwap provided a market price of $44.98 per one APE instead of $13.
Instead of selling 8,769 APE for $113,997 (based on $13 per one APE), the coins were sold for $394,430 (based on $44.98 per one APE). The profit that was made over the transaction in SushiSwap was $280, 443 excluding gas fees.
At the same time, approximately 8,592 APE were purchased for $45.69, which is 3.5 x the market price of the cryptocurrency at the time.
It did not end there. Numerous transactions capitalized over SushiSwap and UniSwap price differences. The biggest profit in ApeCoin I was able to capture earned the investor behind the flashbot over $2 million.
Exclusive: Flash Bot Made over $2 Million in ApeCoin
By capitalizing over the price differences in SushiSwap and UniSwap, the crypto bot earned over $2 million. As hundreds of transactions took place in a very short period of time it was challenging to capture.
