Apecoin Whales Selling Ahead of Recent Surge: APE Price to Fall?

ApeCoin, the native token within the ApeCoin ecosystem, has been riding a significant surge in value. It has coincided perfectly with an APEcoin whale strategically offloading a massive tranche.

Following the launch of ApeChain over the past two days, which saw ApeCoin increase by a pronounced 107% then. A notable APE whale unstaked and moved 7,767 million APE (worth $11,982,000) to the OKX exchange platform. For the said whale, this is a turning point in trading history. The whale has been actively trading APE since February 9, 2023.

While this is a huge transaction, the whale still has 5.94M APE in staking, valued at around $9.05 million. The fact that this portfolio lost $4 million worth, or -6.5% return of investment, before it is even a year old gives us some insight into the stakes involved in cryptocurrency trading and investment.

Despite unloading a large chunk of ApeCoin by a primary holder, the cryptocurrency still performed well in the market. However, ApeCoin has experienced a good share of price increase of more than 20 percent in the last 24 hours owing to revived interest and speculative dealing about the launch of the ApeChain.

ApeCoin’s market capitalization is now at $1.31 billion, showing a massive 35.37% optimistic change in trading volume, which indicates a strong market move.

Will ApeCoin maintain its Rally?

Deeper insight into ApeCoin’s recent market action from technical indicators. You can see a sharp spike in price from a base of $1.379 and up to a recent high of $1.74. Convergence of 50, 100, and 200-day simple moving averages (SMA) indicates a near-term bullish market sentiment.

The Money Flow Index (MFI), the number of money flows in and out from an asset, comes in at 73.05. This shows that the market is not on the verge of being overbought. However, investors remain interested in the coin. This could due to their speculative trading or strategic acquisitions of the stake of the big fish.

APE Price Future Outlook

The whale’s activity does not sound like it would be enough to cause a price drop due to either price manipulation or profit-taking. Still, the good news is that ApeCoin’s market sentiment across the board remains positive. ApeChain has launched, and the market has been caught with renewed vigor. Both severe and casual investors are on the rise.

With 131.69% trading volume relative to market cap, ApeCoin seems to be seeing a noteworthy amount of trading activity, which wouldn’t just sustain but could potentially buoy its price levels in the near term.

Large holders of ApeCoin, the ApeCoin community, and investors are watching these developments unfold. Those large holders’ strategic moves on ApeCoin and the following market dynamics illustrate just how complex the interplay between factors is in the cryptocurrency markets.

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