Despite APE’s recent setback and a massive price correction, dominant buyers continue to show faith in the token. What’s going on here?
ApeCoin fell from $24.86 to $16.73 after Saturday’s Otherside sale. A die the reasons could be the congestion caused on the Ethereum blockchain by the minting of Otherdeed NFTs. This caused some transactions to fail and services like Uniswap to slow down.
Soon the flagship coin witnessed a fall in the number of holders as well. As per CoinMarketCap, Apecoin lost around 10k followers at the time of writing. But looks like, dominant buyers still didn’t lose interest.
don’t worry i got you
Dominant buyers, aka whales, and in this case – Ethereum whales, acquired large chunks of the trendy APE tokens. Crypto tracker WhaleStats reported that two large whales purchased APE tokens worth a total of $9 million.
Whale “Jiraiya” acquired 499,998 APE worth $8.1 million as per this tweet on 1 May. Overall, “Jiraiya” stored $8,625,918 in APE.
Additionally, “Bombur” seized 70,804 APEs, equivalent to $1,255,359. In total, the “Bombur” wallet contained $16,032,829 in APE. Indeed, this whale has been a very busy entity when it comes to buying altcoins. Earlier this month, “Bombur” purchased several massive amounts of SHIB, totaling over 100 billion coins.
Such a massive shopping spree would indeed aid the struggling token raise by a significant bit. Now, even though the price didn’t change much, here’s what did change. APE is currently the most-traded token among the 100 largest ETH investors as per this 2 May tweet.
Shiba puppy > APE?
SHIB, the famous meme coin still retains the top spot in terms of whale stocks. The meme token once again outperformed other ETH-based tokens, including FTT, MATIC, and LINK. It represented the largest asset (15.01%) in USD equivalent held by whales.
APE, on the other hand still has a long journey to cover. The cryptocurrency community at CoinMarketCap is not overly bullish on the price of the token. APE would trade at $16.78 by the end of May 2022, that barely a 0.46% gain compared to the current price.
