An on-chain analytics company called Lookonchain offers a view into ApeCoin’s (APE) whale activities. Whales in particular have been active recently, moving huge sums of tokens.
Three whales have deposited 1.85 million APE, or $3.4 million, to exchanges, according to Lookonchain.
The on-chain analytics tool, which sheds light on their behaviour, indicates that two of these enormous whales transferred their staked APE to the Binance cryptocurrency market.
Five million APE were supplied by the “ApeCoin Token Distributor” to a second whale, of which 560,000 tokens, worth $1.02 million, were transmitted to the OKX cryptocurrency exchange.
Investors transfer their cryptocurrency holdings to exchanges for a variety of reasons. One motivation may be to sell them, use them for staking, or distribute them via airdrops. Unknown is the primary driver behind the transfer of APE tokens to Binance and OKX.
ApeCoin price action
The stagnant APE price is most likely a result of investors dumping ApeCoin on rallies. The price of ApeCoin has remained static in recent weeks while reductions have continued apace.
On August 1, when the Bored Apes Yacht Club NFT collection came under new strain, ApeCoin hit a record low. On August 6, ApeCoin fell as low as $1.73 before bouncing back considerably to reach $2.07.
In spite of this, ApeCoin continues to trade near record lows. As of the time of writing, the price of the token was $1.83, up 2% from the previous week but down somewhat from the previous 24 hours.
In March 2022, ApeCoin had its market debut for $8.54 and rapidly rose to all-time highs of $39.40. ApeCoin’s price has dropped 95.36% from its peak to the present.
