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- Lookonchain has disclosed notable whale movements within the ApeCoin ecosystem, with 1.85 million APE tokens transferred.
- Prominent whales have shifted staked APE tokens to Binance, while the “ApeCoin Token Distributor” has dispatched tokens to another whale.
- APE’s price has remained unchanged as investors liquidate during price increases, reaching an all-time low of $1.73 on August 1.
The on-chain analytics firm Lookonchain has provided fascinating details regarding the activities of whales in the ApeCoin (APE) ecosystem. In the last 24 hours, three major holders, referred to as whales, executed significant transactions involving APE tokens, totaling an impressive 1.85 million APE, valued at $3.4 million.
As per Lookonchain’s findings, two of these prominent whales transferred their staked APE tokens to the Binance cryptocurrency exchange. Furthermore, the “ApeCoin Token Distributor” sent five million APE to another whale, who subsequently transferred 560,000 tokens, worth around $1.02 million, to the OKX exchange. The motivations behind these transactions are not entirely clear, as there could be multiple reasons for investors to move their assets to exchanges, including selling, staking, or engaging in airdrops.
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3 whales have deposited a total of 1.85M $APE ($3.4M) to exchanges in the past 12 hours.
0xa3fb and 0x0A77 withdrew all the staked $APE and deposited to #Binance.
0xbDEA received 5M $APE from Apecoin Token Distributor and deposited 560K $APE ($1.02M) into #OKX 3 hrs ago. pic.twitter.com/vnY6qrMQGr— Lookonchain (@lookonchain) August 8, 2023
ApeCoin records lowest price
The price of APE, however, appears to be indicative of a trend where investors are selling during price surges, resulting in its stagnant performance in recent weeks. Amid ongoing downturns in the cryptocurrency market, ApeCoin hit a record low on August 1, falling to $1.73, before slightly rebounding to $2.07 on August 6. The downward pressure on APE coincided with the Bored Apes Yacht Club NFT collection encountering new challenges.
As the ApeCoin community navigates market volatility and seeks potential growth drivers, the recent whale activity may serve as a significant factor for investors and analysts to consider. The effects of these substantial token movements on the overall APE market and its future direction remain to be determined.
