ApeCoin’s recent whale activity came to light when a primary 4.58 million tokens, roughly worth $5.22 million in APE tokens, were transferred from a dormant wallet attributed to ApeCoin.
It is part of a series of substantial moves in the wake of the sharp price rise after the launch of ApeChain.
Within the same period, three other wallets that received APE from the ApeCoin distributor in 2022 also moved 12.47 million APE tokens or an estimated $17.54 million, to Wintermute OTC. Analysts say these transactions have been essential to recent market price corrections.
ApeCoin has had an extraordinary week. In the past week, ApeCoin has increased by nearly 60 percent, swelling to 143% since ApeChain launched.
Having attracted significant attention from the investor community and brought on soaring volumes, this surge showcases robust market interest.
Particularly noteworthy is the behavior of whales during this period. The top 100 APE holding wallets currently control 382.71 million APE tokens, about 382.71 million, and about $443.9 million.
These are the same wallets that contributed to recent huge ApeCoin transactions. The tokens represent 51% of ApeCoin’s circulating supply from the wallet distributor.
Technical Analysis and Market Trends
The ApeCoin trading pattern shows a bullish trend that started before the ApeChain announcement. Afterward, the cryptocurrency was pulled into a bearish channel, indicating a drop in market conditions.
This has shown up on the Binance trading chart in the candlestick patterns, with APE price swinging around the $1.106 mark after hitting a peak. That’s a slight retreat following its recent highs.
It also appears that the Relative Strength Index (RSI) is at a moderate 44.37. The nature of movement in this level will be determined by other external forces.
Those include whale transactions and broader market sentiment. So this level represents the balance between overbought and oversold conditions.
Potential Future Movements
Whales have a big impact on the cryptocurrency markets, and given ApeCoin’s future, it is a hot topic. A large chunk of APE tokens sits in the wallets of this small group. and if it moves further, it will either significantly impact APE’s price or serve as a catalyst for a price boost.
Based on individual investor’s strategies and risks regarding the ApeCoin, whether to sell or hold depends on the decision. If you’re a short-term trader, consider all the recent whale activity and market volatility as the perfect one-time thing to take advantage of some price movement.
On the other hand, APE price fluctuations may be considered trading opportunities by long-term investors since they expect a rise in APE valuation after some forthcoming developments about ApeChain.
Recent whale activities in the ApeCoin market underscore the magnitude of cryptocurrency prices for large-scale transactions. For some, these are signals to sell and get in before the profits are locked up, while for others, they are a chance to strengthen their positions relative to future growth prospects.
