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Ethereum Whales Accumulating APECoin, Will it Pump Soon?

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01
Jul
  • APE has become one of the top ten most acquired tokens among the top 100 Ethereum whales.
  • APE has 4.11% in price changes within 24 hours.
  • According to CoinMarketCap, the price of APE now sits at around $4.54.

Top Ethereum whales are eyeing ApeCoin (APE), starting to hodl ApeCoin tokens in the last 24 hours. According to the whale tracker website, WhaleStats, APE has become one of the top ten most acquired tokens among the top 100 biggest Ethereum whales. Analysis suggests that this could be a good thing for APE investors.

APE is forming a falling wedge pattern based on the 4H chart of APE/USDT. Within 24 hours, APE’s volume was also down by about 3.9% and is standing at $285,253,013.02. Also, we can detect that the falling wedge pattern is getting smaller day by day and it may intend to pull back to the previous break of structure around $9.9236.

APE/USDT 4H Chart  (Source: TradingView)

ApeCoin, one of the top 50 cryptocurrencies by market capitalization, is the Bored Ape Yacht Club (BAYC)-affiliated cryptocurrency. APE has been promised to be the coin of choice for a new metaverse. According to its website, holders of BAYC or Mutant Ape Yacht Club (MAYC) NFTs in their wallets can receive free tokens from ApeCoin.

Anyone who has ApeCoin also has access to the membership of ApeCoin DAO. ApeCoin DAO is a decentralized organization that shows how the DAO’s treasury is spent and votes on proposals about how the ApeCoin DAO Ecosystem Fund should be used.

Ever since the Bored Ape Yacht Club launched the ApeCoin, they have a market cap of over 1.3 billion, according to the CoinMarketCap. And now the price of APE sits around $4.54, with an increase in price changes of 4.11% within 24 hours. It has also reached 35th place in the market rank of CoinMarketCap.

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