Ethereum whales have been quietly collecting ApeCoin (APE) for the past 24 hours. But despite this, ApeCoin prices have fallen by almost 25% in the past few hours.
Notable Ethereum whales including “Sabo”, “BlueWhale0079” and “Bonobo” have bought ApeCoin worth millions in the past 24 hours. However, declining sales of Bored Apes and Otherdeeds NFTs since last week have had an impact on sentiment, pushing APE prices down towards $7.
ApeCoin (APE) is now trading at $7.55, after falling 25% in recent hours.
Falling NFT markets put pressure on APE
Since APE is the original token for the Bored Ape NFT collection, the token tends to follow the sentiment towards the collection. It had risen to life in April pending another metaverse by Yuga Labs, creator of Bored Ape.
But since the launch of the metaverse, Otherside, APE has experienced a consistent downward trend as hype about the project subsided. This downward trend was furthered by a crypto market crash, which also dented NFT prices.
Bored Ape’s bottom price has fallen 40% in the past two weeks, reaching a month-long low on Tuesday. Trading volumes in the project have also largely dried up this month.
Top Ethereum Whales Collecting ApeCoin (APE)
Prices of ApeCoin (APE) have risen in the $8-$9.5 range for the past 3 days. However, the token for the Bored Ape NFTs has dropped significantly lower as all metaverse tokens take a hit.
According to WhaleStats, APE is back in the top 10 by trading volume list one of the 500 largest whales in the last 24 hours. It shows whales’ confidence in collecting ApeCoin as prices bottomed out near $8. The purchase by several notable whales pushed the price briefly above $10 in the past 24 hours. Weak investor sentiment on ApeCoin (APE ) has failed to stabilize the price above $10.
Several top whales trades were revealed by WhaleStats. ETH whale”sabo” bought 151,932 for $1.4 million, while “BlueWhale0079bought 199,999 APE for $1.8 million. Two trades were seen by ETH whale “Bonobo”, which bought the most APE in the past 24 hours.
Despite the interest from whales, the sale of NFTs that have fallen to all-time lows has fueled negative sentiment across the community.
Recently, the ApeCoin community voted to strike on APE, the proposal is currently being implemented under the DAO governance protocols.
Varinder is a technical writer and editor, technology enthusiast and analytical thinker. Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a significant period of time and currently covers all the latest updates and developments in the crypto industry.
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