ApeCoin Wallet Moves $5.22M in APE: Will It Trigger a Price Correction?
ApeCoin wallet moves $5.22M to Wintermute OTC as whale activity increases following ApeChain launch.
ApeChain’s native token (APE) has experienced significant whale activities following the launch of the ApeChain, leading to a noticeable price correction.
According to data from SpotOnChain, three major wallets, which first received APE from the ApeCoin distributor in 2022, have transferred a combined 12.47 million APE, equivalent to $17.54 million, to Wintermute OTC.
Whales and ApeCoin’s Price
The whales’ transfers have played a significant role in the current downward pressure on APE’s price from its post-launch peak. The average selling price of APE during these transactions was $1.407, with the total outflow adding to the token’s negative price momentum.
Large outflows were recorded on October 22 and October 24, contributing to the token’s ongoing price correction. Despite the initial excitement surrounding ApeChain, APE is struggling to maintain its value.
ApeCoin Whale Transactions | Source: SpotOnChain
Other Whale Movements
In addition to the notable transfers to Wintermute, another whale moved a substantial amount of APE. This whale unstaked and deposited 7.767 million APE, worth $11.98 million, into an OKX wallet.
Despite this transfer, the whale still holds 5.94 million APE, valued at $9.05 million, in staking. However, the whale now has unrealized losses of around $4 million, or 6.5%, after the token’s latest price movements.
Following the heightened whale activity, APE’s value has dropped by 5.74% over the past 24 hours and trades at $0.061056.
ApeCoin’s Price Action Since Launch
Market data from CoinGecko indicates that ApeCoin’s price rose sharply following the ApeChain launch, peaking at over $1.80. However, it has since fallen back to $1.13 as of this writing.
This decline suggests that the excitement around the ApeChain launch is wearing off, pushing APE’s price into a consolidation phase.
ApeCoin 7-Day Price Chart | Source: CoinGecko
Technical indicators also point to a slowdown in bullish momentum. For instance, the RSI currently stands at 60.82, suggesting that APE is approaching overbought territory, signaling the likelihood of consolidation.
As is often the case, further sell-offs could drive additional price corrections in the short term.
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