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Whale Behavior and Increasing Interest in NFTs Could Be a Turning Point for ApeCoin (APE)

  • Recent changes in the behavior of important market participants, like whales, shed new light on the potential trajectory of APE.
  • Current data revealed a significant movement by a notable whale named Machi Big Brother. This whale, known for strategically timing the buying and selling of APE tokens, made a withdrawal of 1.14 million APE tokens.
  • The revival potential of APE was not only dependent on internal factors but also connected to external trends. The success of Yuga Lab NFTs stood as a beacon that could attract attention and interest towards APE.

Abnormal price drops in ApeCoin caused concern in the community, but recent whale movements and data from NFTs helped increase bullish sentiments.

Changes in Whale Movements in ApeCoin

apecoin-ape

During a period of positive momentum observed among different altcoins, the continuously falling price of ApeCoin emerged as a notable anomaly. However, recent changes in the behavior of important market participants, especially whales, shed new light on the potential trajectory of APE.

Current data revealed a significant movement by a notable whale named Machi Big Brother. This whale, known for strategically timing the buying and selling of APE tokens, made a withdrawal of 1.14 million APE tokens (worth $2.32 million) in just three hours.

Starting from the beginning of August, Machi Big Brother embarked on an accumulation frenzy. This whale accumulated a significant amount of 1.51 million APE tokens (worth $3.09 million) through Binance. The actions of this whale indicated a positive sentiment around the future of APE.

Additionally, a spark of positivity emerged when an increase in the number of APE token holders was witnessed. This increase in holders indicated a potential shift in market dynamics due to more people showing interest in APE.

apecoin-holders

The Market Value to Realized Value (MVRV) ratio, closely associated with price increases, indicated an increase in selling incentives among profitable addresses.

Furthermore, the Long/Short ratio for Apecoin also decreased. This implied that short-term holders who were profitable might be inclined to take advantage of selling opportunities, which could affect the future movements of APE.

apecoin-velocity-and-price

How are NFTs performing?

The revival potential of APE was not only dependent on internal factors but also connected to external trends. The success of Yuga Lab NFTs stood as a beacon that could attract attention and interest towards APE.

Additionally, the average price of Bored Ape Yacht Club (BAYC) increased by 2.45% over a week. Mutant Ape Yacht Club (MAYC) also saw a similar growth pattern, with a 2.04% increase in sales during the same period.

nft-price-and-sales

The effects generated by these NFT trends could potentially spread to the APE ecosystem, enhancing its perspective and creating renewed enthusiasm among participants.

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Lucien Renard
Lucien Renardhttps://en.coinotag.com/
Lucien Renard is a 24-year-old writer specializing in cryptocurrency analysis and price action. With a focus on technical analysis, Lucien provides valuable insights into market trends and potential opportunities for investors.
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