{"id":576338,"date":"2024-02-22T09:30:04","date_gmt":"2024-02-22T09:30:04","guid":{"rendered":"https:\/\/wncen.com\/?p=576338"},"modified":"2024-02-22T09:51:01","modified_gmt":"2024-02-22T09:51:01","slug":"apecoin-climbs-to-6-month-high-amidst-whales-strategic-moves","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/apecoin-climbs-to-6-month-high-amidst-whales-strategic-moves\/","title":{"rendered":"Apecoin Climbs To 6-Month High Amidst Whales’ Strategic Moves"},"content":{"rendered":"

Apecoin (APE) is experiencing a rollercoaster ride in 2024. After plummeting to an all-time low of $1.01 in October 2023, the Bored Ape Yacht Club governance token has experienced a dramatic turnaround, buoyed by strategic whale buying and a recent partnership with the Arbitrum network.<\/p>\n

However, with a 13% pullback in the past two days and lingering profit-taking concerns, questions remain about whether the bulls can defend key support levels and push the price back towards its former glory.<\/p>\n

At the time of writing, APE was flashing green, trading at $1.73,<\/a> which is a 0.6% and 7.5% increase in the 24-hour and weekly timeframes, data from Coingecko shows.<\/p>\n

\"\"APE price action. Source: Coingecko<\/a><\/pre>\n
Riding The Arbitrum Wave<\/strong><\/h2>\n
The turning point came on February 16th, when the Apecoin DAO voted to launch ApeChain, a dedicated blockchain, on the Arbitrum network. This partnership, aimed at tackling scalability issues and fostering ecosystem growth, sparked a 21% surge in APE price, pushing it to a six-month high of $1.90.<\/p>\n
Related Reading: Ethereum Bullish Run: Analyst Eyes $4,500 After ETH Breached $3K<\/a><\/div>\n
\"\"APE seven-day price action. Source: Coingecko<\/pre>\n
Whales Hold Firm, Retail Cashes Out<\/strong><\/h2>\n
On-chain data paints a fascinating picture of contrasting investor behavior. While retail investors and swing traders were quick to lock in profits after the rally, “whales” \u2013 those holding at least 10 million APE tokens \u2013 have displayed unwavering confidence.<\/p>\n
\"\"<\/p>\n
Apecoin whale wallet balances up nearly 22 million tokens between Jan. 1 and Feb. 21. Source: Santiment<\/a><\/pre>\n
Since January 1st, these large investors have acquired an additional 22 million APE tokens, representing a staggering $40 million investment and bringing their total holdings to 61 million APE. This unwavering conviction suggests long-term optimism in the project’s potential.<\/p>\n
Can The Bulls Hold The Line?<\/strong><\/h3>\n
Despite the bullish whale activity, a recent pullback has cast a shadow on the optimistic outlook. The price dipped 13% in the past two days, testing the crucial $1.50 support level. A breach of this support could trigger further decline towards $1. However, a large buying cluster at $1.50, representing 9,630 investors who purchased APE at that price, could act as a significant barrier to a deeper fall.<\/p>\n
<\/p>\n
APEUSD trading at $1.66 on the 24-hour chart: TradingView.com<\/a><\/pre>\n
Eyes On $2, But Hurdles Remain<\/strong><\/h3>\n
Technical analysis and market sentiment suggest a potential early rebound towards $2 in the coming weeks. However, this hinges on two key factors: defending the $1.50 support and overcoming further profit-taking waves. Additionally, broader positive developments in the NFT sector could provide tailwinds for APE price.<\/p>\n
Related Reading: AVAX Slips, Adding Tension To $365 Million Avalanche Token Unlock Drama<\/a><\/div>\n
Looking Beyond The Immediate<\/strong><\/h3>\n
\n
Congratulations to @apecoin<\/a> DAO on its decision to develop ApeChain utilizing the Arbitrum tech stack!<\/p>\n
With $APE<\/a> serving as both the gas and governance token for ApeChain, Arbitrum Orbit’s customizability empowers @ApeCoin<\/a> DAO with true ownership and control over this\u2026<\/p>\n
\u2014 Offchain Labs (@OffchainLabs) February 15, 2024<\/a><\/p><\/blockquote>\n
While the Arbitrum partnership and whale support are encouraging, several hurdles remain. The broader macroeconomic climate, still grappling with inflation and interest rate concerns, could impact investor sentiment across the cryptocurrency market. Moreover, the success of ApeChain itself remains to be seen, and any unforeseen challenges could dampen enthusiasm.<\/p>\n
With a potential $2 mark tantalizingly close, Apecoin faces a critical juncture. Whether the bulls can overcome the immediate hurdles and propel the token to new heights, or if profit-taking and broader market headwinds prevail, remains to be seen.<\/p>\n
Featured image from Pexels, chart from TradingView<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"
Apecoin (APE) is experiencing a rollercoaster ride in 2024. After plummeting to an all-time low of $1.01 in October 2023, the Bored Ape Yacht Club governance token has experienced a dramatic turnaround, buoyed by strategic whale buying and a recent partnership with the Arbitrum network. However, with a 13% pullback in the past two days and lingering profit-taking concerns, questions remain about whether the bulls can defend key support levels and push the price back towards its former glory. At the time of writing, APE was flashing green, trading at $1.73, which is a 0.6% and 7.5% increase in the 24-hour and weekly timeframes, data from Coingecko shows. APE price action. Source: Coingecko Riding The Arbitrum Wave The turning point came on February 16th, when the Apecoin DAO voted to launch ApeChain, a dedicated blockchain, on the Arbitrum network. This partnership, aimed at tackling scalability issues and fostering ecosystem growth, sparked a 21% surge in APE price, pushing it to a six-month high of $1.90. Related Reading: Ethereum Bullish Run: Analyst Eyes $4,500 After ETH Breached $3K APE seven-day price action. Source: Coingecko Whales Hold Firm, Retail Cashes Out On-chain data paints a fascinating picture of contrasting investor behavior. While retail investors and swing traders were quick to lock in profits after the rally, “whales” \u2013 those holding at least 10 million APE tokens \u2013 have displayed unwavering confidence. Apecoin whale wallet balances up nearly 22 million tokens between Jan. 1 and Feb. 21. Source: Santiment Since January 1st, these large investors have acquired an additional 22 million APE tokens, representing a staggering $40 million investment and bringing their total holdings to 61 million APE. This unwavering conviction suggests long-term optimism in the project’s potential. Can The Bulls Hold The Line? Despite the bullish whale activity, a recent pullback has cast a shadow on the optimistic outlook. The price dipped 13% in the past two days, testing the crucial $1.50 support level. A breach of this support could trigger further decline towards $1. However, a large buying cluster at $1.50, representing 9,630 investors who purchased APE at that price, could act as a significant barrier to a deeper fall. APEUSD trading at $1.66 on the 24-hour chart: TradingView.com Eyes On $2, But Hurdles Remain Technical analysis and market sentiment suggest a potential early rebound towards $2 in the coming weeks. However, this hinges on two key factors: defending the $1.50 support and overcoming further profit-taking waves. Additionally, broader positive developments in the NFT sector could provide tailwinds for APE price. Related Reading: AVAX Slips, Adding Tension To $365 Million Avalanche Token Unlock Drama Looking Beyond The Immediate Congratulations to @apecoin DAO on its decision to develop ApeChain utilizing the Arbitrum tech stack! With $APE serving as both the gas and governance token for ApeChain, Arbitrum Orbit’s customizability empowers @ApeCoin DAO with true ownership and control over this\u2026 \u2014 Offchain Labs (@OffchainLabs) February 15, 2024 While the Arbitrum partnership and whale support are encouraging, several hurdles remain. The broader macroeconomic climate, still grappling with inflation and interest rate concerns, could impact investor sentiment across the cryptocurrency market. Moreover, the success of ApeChain itself remains to be seen, and any unforeseen challenges could dampen enthusiasm. With a potential $2 mark tantalizingly close, Apecoin faces a critical juncture. Whether the bulls can overcome the immediate hurdles and propel the token to new heights, or if profit-taking and broader market headwinds prevail, remains to be seen. Featured image from Pexels, chart from TradingView<\/p>\n","protected":false},"author":557,"featured_media":576358,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[142,85879,85709,6664,83767],"class_list":["post-576338","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-altcoins","tag-ape","tag-apecoin","tag-crypto","tag-meme-coins"],"acf":[],"yoast_head":"\nApecoin Climbs To 6-Month High Amidst Whales' Strategic Moves<\/title>\n<meta name=\"description\" content=\"Apecoin (APE) is experiencing a rollercoaster ride in 2024. 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But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn. Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats \u2013 a testament to his dedication to his furry companions (more on that later). Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. So, the next time you tread into the world of cryptocurrency, remember the man behind the words \u2013 the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.","sameAs":["jomarjet01"],"url":"https:\/\/wncen.com\/author\/jomarjet01\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Apecoin Climbs To 6-Month High Amidst Whales’ Strategic Moves","url":"http:\/\/wncen.com\/news\/apecoin-climbs-to-6-month-high-amidst-whales-strategic-moves\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/apecoin-climbs-to-6-month-high-amidst-whales-strategic-moves\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/02\/a_0ced66.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/02\/a_0ced66.png?fit=1025%2C684"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Christian Encila"}],"creator":["Christian Encila"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["altcoins","ape","apecoin","crypto","meme coins"],"dateCreated":"2024-02-22T09:30:04Z","datePublished":"2024-02-22T09:30:04Z","dateModified":"2024-02-22T09:51:01Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Apecoin Climbs To 6-Month High Amidst Whales’ Strategic Moves\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/apecoin-climbs-to-6-month-high-amidst-whales-strategic-moves\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/apecoin-climbs-to-6-month-high-amidst-whales-strategic-moves\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/02\\\/a_0ced66.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/02\\\/a_0ced66.png?fit=1025%2C684\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Christian Encila\"}],\"creator\":[\"Christian Encila\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"altcoins\",\"ape\",\"apecoin\",\"crypto\",\"meme coins\"],\"dateCreated\":\"2024-02-22T09:30:04Z\",\"datePublished\":\"2024-02-22T09:30:04Z\",\"dateModified\":\"2024-02-22T09:51:01Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/02\/a_0ced66.png?fit=1025%2C684","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/576338"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/557"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=576338"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/576338\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/576358"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=576338"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=576338"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=576338"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}