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.
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.
Despite 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.