Ethereum whales fond of Apecoin’s APE token!
Put on the market last Thursday, the APE token is already firmly established in the top 100 of the biggest crypto projects. With a marketcap of over $3 billion. A level of valuation that already allows it to get ahead of solid projects like Pancakeswap (CAKE) or Tezos (XTZ). An express ascent partly guaranteed by the support of Ethereum whales!
ApeCoin, this is the crypto project of the moment. Launched barely a week ago and already a member of the top 50. It must be said that the token is well born since it is the fruit of the Bored Ape Yacht Club ecosystem, one of the most bankable NFT collections in the world. ‘story.
Focus On ApeCoinApecoin and its APE token are newcomers to the Bored Ape Yacht Club ecosystem . An ecosystem that is now seeking to grow well beyond the borders of the NFT market. Recently, the Labs, on the initiative of the NFTs of the BAYC series, has also bought the intellectual property rights of the Meebits collections but also and above all of CryptoPunks.
While the token has only been available for a few days, it is already trading with heavyweights in the crypto sector such as the Binance platform. A meteoric rise which today allows him to be a member of the top 50 of the largest capitalizations in the crypto universe. At the time of writing, one APE token is trading for $10.78, down 72% from its March 17 ATH ($39.40).
Whalestats: What Are Ethereum Whales Doing?
The Whalestats platform makes it possible to map the behavior of the largest wallets on the Ethereum blockchain. Capable of listing the top 100 or the top 1,000, this tool provides an understanding tool around an asset.
According to the platform, the APE token is the one that has seen the most transactions among the 1,000 largest wallets over the past 24 hours. The top 1000 whales therefore seem determined to capitalize on this project by holding it.
In terms of trading volume and still over 24 hours, the token appears in fourth place. If we take the last 7 days, the token appears in the sixth position in terms of average volume per exchange. With an average trade amount of $388,000 for the top 1,000 Ethereum wallets. If we isolate the stablecoins, the project is only ahead of the ETH token and the FTX project. Note that FTX is today the most held token by Ethereum whales. With 1.6 billion dollars, or just over a quarter of the project’s total marketcap.
Is It A Longer Term Warranty?
The behavior of whales on an asset can provide some keys to understanding. However, it cannot under any circumstances predict the direction that this asset will take.
Based on prediction algorithms, most estimates are bullish. Thus, TradingBeasts models estimate that the price of the APE token could exceed $30 by the end of the year. In others, more measured estimates are displayed. Thus, DigitalCoinPrice estimates that the token could end up close to 13 dollars at the end of the year. For its part, WalletInvestor is counting on a continuation of the year 2022 marked by the sign of neutrality.
These estimates are obviously to be taken with a grain of salt. Firstly because it is difficult to predict the price of an asset like a cryptocurrency. The fact that the project has only been available for a week is also a component to be well integrated to put these predictions into perspective.