February 25, 2024

Net-worth wallet investors still show confidence in ApeCoin. That’s regardless of the latest setback and colossal price declines. Let us dive deeper.

ApeCoin (APE) dropped to $16.73 from $24.86 after the Otherside sale on Saturday. One reason supporting the plummet could be congestion on the Ethereum platform amid Otherdeed NFTs minting. That led to failed transactions and services slowing down.

Such developments saw holders escaping the marketplace. According to Coinmarketcap data, ApeCoin lost approximately 10K followers at this publication. However, dominant buyers seemed not to lose interest in the token.

Whales Have You Covered

Whale wallet investors (Ethereum whales in APE) have accumulated massive ApeCoin tokens. Data from WhaleStats shows two leading whales bought ApeCoin assets worth about $9 million. Dominant buyer ‘Jiraiya’ purchased 499,998 ApeCoin worth around $8.1 million (according to the May 1 tweet by WhaleStats). Jiraya’s wallet holds $8,625,919 in APE.

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Moreover, ‘Bombur’ acquired 70,804 APE tokens, equal to $1,255,359. Bombur’s wallet had $16,032,829 in ApeCoin. Meanwhile, this whale has been active as far as buying alts is concerned. Bombur bought massive Shiba Inu amounts early this month, totaling over 100 billion tokens.

These massive buyers can help a struggling coin raise by a small margin. Now, though price performance didn’t experience many changes, here’s what saw fluctuations. For now, APE is the most-traded alt by the top 100 Ethereum wallets, according to the May 2 tweet by WhaleStats.

Shiba Inu Greater than APE?

The trendy crypto Shiba Inu maintains the top spot as far as whale holdings are concerned. The canine-themed crypto outshines other Ethereum-based alts again, including the likes of LINK, MATIC, and FTT. SHIB accounted for the leading tokens (15.01%) held by large wallet investors.

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Meanwhile, APE has a long recovery journey. While publishing this news, ApeCoin traded at $15.62, following a 3.79% drop over the previous 24 hours. Meanwhile, the Coinmarketcap crypto community isn’t overly bullish about the altcoin.

They believe APE will end May 2022 at $16.78, a brief 0.46% increase from the current price. Also, some cryptocurrency fans criticized ApeCoin, calling it another meme token in the space.

Stay tuned for the latest developments within the crypto world.

Editorial credit: mundissima / shutterstock.com

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