Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Lookonchain, an on-chain analytics provider, provides a glimpse into whale activity for ApeCoin (APE). In particular, whales have been active in the past day, shifting significant amounts of tokens.
According to Lookonchain, three whales have deposited 1.85 million APE, or $3.4 million, to exchanges.
3 whales have deposited a total of 1.85M $APE ($3.4M) to exchanges in the past 12 hours.
— Lookonchain (@lookonchain) August 8, 2023
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
Two of these huge whales moved their staked APE to the Binance crypto exchange, according to the on-chain analytics platform, which sheds light on their behavior.
The "ApeCoin Token Distributor" sent five million APE to another whale, of which 560,000 tokens, worth $1.02 million, were transferred to the OKX cryptocurrency exchange.
There are several reasons why investors move their crypto assets to exchanges. One possible reason might be to sell them or for the purpose of staking or airdrops. The main reason for the move of the APE tokens to Binance and OKX remains unknown.
ApeCoin price action
Most likely, ApeCoin investors have been selling on rallies, as reflected in the stagnancy of the APE price. The ApeCoin price has failed to move in recent weeks as declines have been further perpetuated.
ApeCoin hit a record low on Aug. 1 as the Bored Apes Yacht Club NFT collection came under fresh pressure. ApeCoin dipped as low as $1.73 before recovering somewhat to $2.07 on Aug. 6.
Tomiwabold OlajideDespite this, ApeCoin is still hovering around record lows. The token's price was $1.83 as of the time of writing, up 2% over the previous week but down just under 1% over the last 24 hours.
ApeCoin debuted on the market in March 2022 for $8.54 and quickly climbed to all-time highs of $39.40. At its current price, ApeCoin has had a 95.36% decline from its high.
Arman Shirinyan
Alex Dovbnya
Dan Burgin
Vladislav Sopov