The market’s recent staggering bitcoin trading $31,456.23 while the ether changes hands $2,367.80. Of course, altcoins are having a difficult time right now, but some tokens that generally suffer alongside ETH are NFT-related assets. In particular, apcoin [APE] We’ve seen a lot of fluctuations over the past few days, so it’s time to study what investors are doing.
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APE showed a brief recovery at the beginning of May 11th, but ended quickly. At the time of reporting, the tokens were traded on: $8.69 After losing 5.31% in one day, it lost 38.33% of its value last week.
In general, APE volume has been declining alongside asset prices after hitting an all-time high above $23. However, after May 9, the volume increased again, and the price of APE at the time of the report showed an upward trend.
So can you point out the general suspect (the whale) for this latest development? Santiment data shows that whale trades of more than $100,000 fell sharply after APE hit an all-time high. However, whale trading increased slightly on May 9 as asset prices plummeted.
Now the question is, are whales buying or selling?
A quick look at the APE supply on exchanges shows that they were interested in buying APE when the ATH price was reached, but as the price began to fall, the tokens started coming back to the exchange.
However, on May 9th, the number of APE tokens returned to the exchange hit an all-time high. The impact of this selling pressure on prices is clear.
In addition, APE rates have fallen as investors have made more prudent choices. However, the APE rate is one of the indicators that has risen over time. Although the price of APE has fallen, the average number of address changes has remained largely consistent. This means that APE holders are actively moving their assets.
Well, so ApeCoin can handle a number of side effects from the latest crash, but what about the Bored Ape Yacht Club itself? According to Crypto Slam, the collection’s 24-hour sales increased by 24.49%. However, at the time of the report, BAYC’s 7-day sales decreased by 48.61%.