Crypto whale movements often stir excitement among individual investors. This group is closely monitored as whales are often experienced investors who have spent years in the crypto markets. Individual investors follow their lead, as senior investors can provide more reliable predictions about the future price.
Crypto Whale Movements
Lookonchain has reported many critical large movements in the past. It even played a significant role in the PEPE Coin rally in June. The on-chain analysis platform reported that several major whales made massive profits with PEPE Coin, capturing the attention of individual investors. The growing demand rapidly drove up the price of PEPE.
In fact, the demand increased so much that top-tier exchanges like Binance had to list this altcoin. Lookonchain is now highlighting a popular whale who is buying APE Coin worth millions of dollars, which could encourage individual investors.
“Machi Big Brother spent 135 $ETH (worth 222,000 $) today to buy 154,570 $APE.
In August, he accumulated a total of 3.13 million $APE at an average price of $1.73.
He withdrew 2.5 million $APE from Binance when the price was $1.8. He also purchased 631,000 APE from decentralized exchanges.â€
APE Coin Price Analysis
APE Coin’s price dropped by a staggering 96.4% from its peak. Initially, it was trading above $30. However, the declining interest in NFTs and the Metaverse caused a decrease in investor attention. APE Coin, backed by BAYC, was released with the expectation of success, given the significant interest in the metaverse during the bull market. However, it was launched when the hype was dying down, resulting in poor timing. As a result, the price is currently struggling to stay around $1.4.
On the weekly chart, the price has reached new all-time lows and seems to continue dropping below $2.47. If we disregard any temporary rebounds, the price has been steadily declining since January 27. A V-shaped recovery would require several factors, but it may not be possible in the medium term as NFTs have now become ghost towns.
