ApeCoin Price Tumbles 25% Despite This Bullish Signal, What’s Next?

Ethereum whales quietly accumulated ApeCoin (APE) in the last 24 hours. But despite this, ApeCoin prices have plummeted nearly 25% in the last few hours.

Notable Ethereum whales including “Sabo,” “BlueWhale0079” and “Bonobo” have purchased ApeCoin worth millions in the last 24 hours. However, falling sales of Bored Apes and Otherdeeds NFTs since last week have impacted sentiment, which has pushed APE prices lower towards $7.

ApeCoin (APE) is now trading at $7.55, after tumbling 25% in the past few hours.

Falling NFT markets pressure APE

Given that APE is the native token to the Bored Ape NFT collection, the token tends to track sentiment towards the collection. It had rallied to lifetime highs in April on anticipation of a new metaverse by Bored Ape creator Yuga Labs.

But since the launch of the metaverse, Otherside, APE has been on a consistent downtrend, as hype over the project died down. This downtrend was furthered by a crash in the crypto market, which also dented NFT prices.

Bored Ape’s floor price has crashed 40% in the past two weeks, and hit a one-month low on Tuesday. Trading volumes in the project have also largely dried up this month.

Top Ethereum Whales Accumulate ApeCoin (APE)

The ApeCoin (APE) prices have been moving in the $8-$9.5 range for the last 3 days. However, the token for the Bored Ape NFTs has plunged significantly lower as all metaverse tokens take a hit.

According to WhaleStats, APE is back in the top 10 by trading volume list among the 500 biggest ETH whales in the last 24hrs. It shows whales’ confidence in accumulating ApeCoin as the prices bottomed out near $8. The buying by several notable whales pushed the price briefly above $10 in the last 24 hours. However, weak investors’ sentiment on ApeCoin (APE) have failed the price to stabilize above $10.

Several transactions by top whales were revealed by WhaleStats. ETH whale “Sabo” bought 151,932 APE for $1.4 million, while “BlueWhale0079” bought 199,999 APE for $1.8 million. Two transactions were seen by ETH whale “Bonobo,” who bought the most APE in the last 24 hours.

However, despite the interest from whales, NFTs sales falling to record low have sparked negative sentiment across the community.

Recently, the ApeCoin community has voted in favor of staking on APE, the proposal is currently under implementation as per DAO governance protocols.