How APE Reacts To Recent Whales Action
The NFT market began its recovery, following by its tokens saw positive developments. Investors and traders are paying attention to related projects.
Large investors have targeted the Yuga Labs ecosystem and its APE token. For instance, a trader named Machi Big Brother purchased $713k worth of ETH to exchange it for APE. He ended up purchasing 487,519 coins at a price of $1.46.
Machi Big Brother spent 423 $ETH($713K) to buy 487,519 $APE at $1.46 again in the past 3 days and has accumulated a total of 3.53M $APE($5.2M) in August.— Lookonchain (@lookonchain) August 31, 2023
And another whale also withdrew 650K $APE($956K) from #Binance 1 hour ago.https://t.co/9gOAdVRKsYhttps://t.co/MxtoS0BcUV pic.twitter.com/jT5z7cpCEo
Token flow was also spotted on Binance. A whale withdrew 650,000 tokens worth $956,000. Overall, the price of APE decreased over the past seven days and is now trading at $1,429.
Source & Copyright TradingView
Meanwhile, NFT collections from Yuga Labs show an increase. The floor price of Bored Ape Yacht Club (BAYC) surged to 28.25 ETH.
The APE network activity is down, showing a fading interest among new addresses. This could potentially raise doubts about the future adoption and utility of APE. ApeCoin DAO has been making recent management proposals. These included changes regarding the token's path.