- A dormant wallet has moved 4.58 million APE tokens worth $5.22 million in the past 24 hours.
- APE has declined by 9.86% over the past day
As a seasoned researcher with years of experience observing the cryptocurrency market, I’ve seen my fair share of market movements that leave even the most seasoned traders scratching their heads. The recent decline in ApeCoin [APE] is one such instance that has piqued my interest.
For approximately a month now, ApeCoin [APE] has shown consistent growth. But surprisingly, over the last day, this memecoin has started to drop. This unexpected decrease in daily charts has sparked speculation about its cause, and SpotonChain suggests it could be due to dormant large-scale investors (whales).
Apecoin declines as dormant whales move
As reported by SpotonChain, a total of 4.58 million ApeCoins, valued around $5.22 million, were moved from inactive wallets associated with ApeCoin to Wintermute Trading Over-the-Counter (OTC).
Four days after the debut of ApeChain, three wallets linked to an ApeCoin distributor from 2022 have been actively transferring their APE. Consequently, these wallets have transferred approximately 12.47 million tokens valued at around $17.54 million to Wintermute OTC.
From my analysis, I’ve noticed that significant transfers of assets to cryptocurrency exchanges have contributed substantially to the recent market downturn.
Impact on APE?
In my exploration as a researcher, I’ve observed that when large-scale investors shift their assets into exchanges, it often triggers speculation and increased selling pressure. This dynamic typically leads to a decrease in prices. Over the past 24 hours, this pattern seems to be playing out with Apecoin, as its price charts show a significant drop.
Currently, as I’m typing this, Apecoin is being exchanged for approximately $1.17. Over the last 24 hours, its value has dropped by about 9.86%.
Previously, APE had been experiencing a steady rise, increasing by approximately 64.08% on its weekly graph and adding around 44.41% to its value over the past month.
Consequently, the recent market trends indicate a change from optimistic (bullish) to pessimistic (bearish), with sellers gaining more control.
Over the last week, the amount of Apecoin held by investors outside of exchanges has decreased. Specifically, since October 19th, the number of Ape tokens being stored in personal wallets has gone down from 866 million to approximately 839.8 million.
This implies that holders are transferring their Ape to exchanges preparing to sell.
The rise in the number of Ape tokens available on exchanges provided additional evidence for this trend. Consequently, the supply of Ape tokens on these platforms grew from 134 million to 162 million.
Furthermore, it appears that the number of daily active Apecoin users has significantly dropped from 18,872 to just 985. This trend suggests a decrease in interest among investors, as fewer individuals seem to be engaged in trading activities. Consequently, potential investors may need to wait for new developments or stimuli before re-entering the market.
Read ApeCoin’s [APE] Price Prediction 2024–2025
Essentially, there’s been a change in investor attitudes regarding Ape. This alteration indicates that the monthly growth was primarily fueled by market speculation triggered by the introduction of ApeChain.
Following that period, there’s been a noticeable decrease in market anticipation. If this trend continues, the value of Ape could potentially drop to approximately $0.872. On the other hand, if it’s just a temporary market adjustment, the memecoin might regain its $1.35 resistance point.
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2024-10-24 23:03