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HomeMarketsMarket AnalysisTop Ethereum Whales Buy About 267,772 Apecoin Worth $5.7M As Coin Price...

Top Ethereum Whales Buy About 267,772 Apecoin Worth $5.7M As Coin Price Keep Rising



Mark Brennan

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APE price keeps increasing despite Otherside metaverse cancelation.

According to a WhaleStats report, two top Ethereum purchased a total of 267,772 Apecoin tokens (valued at $5,743,817 or about $5.7M) in five separate transactions in the last few hours.

The Ethereum Whale that undertook the first three transactions is ranked 859th, while the second was by the 84th ranked Ethereum Whale based on data by WhaleStats. In simple terms, a whale is a crypto holder with vast amounts of a specific digital asset. They are also regarded as large digital asset holders.

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Following its launch on March 17, the Apecoin tokens continue to attract massive interest from crypto investors. Apecoin is the native token of BAYC, a collector of NFTs. The constant huge demand for BAYC NFTS is one of the factors causing an increasing demand for its native token (Apecoin).

As previously reported last week, Ethereum Whales were buying more SHIB tokens than ever before. But this week, their attention seems to be focused more on accumulating more Apecoins than any other altcoin.

Apecoin price rallies despite Otherside metaverse launch cancellation

The demand for Apecoin tokens surged higher following Yuga Labs’ announcement to launch the Otherside metaverse project. However, Yuga Labs (which owns the BAYC NFT collection) today announced that the Otherside metaverse launch is canceled, citing exorbitant gas fees as the cause of the cancellation.

apecoin price

APE/USD 1-day (24-hour) chart. Source: TradingView.

Despite the cancellation, Apecoin remained among the highest crypto gainers in the last 24 hours, gaining 9.39% (image above). APE has established a resistance and support at $21 and $19.94, respectively. However, the buying pressure would likely continue until APE reaches the $21 mark. Hence, it is likely that its price will rise further today.

APE/USD 1-week chart. Source: TradingView

Apecoin has gained nearly 90% in the past week. The chart also indicates that APE is continuing its bullish run after surging past the $15.55 mark.

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