What Next for ApeCoin (APE) Following 25% Decline – 11 May Analysis

Ethereum whales purchased ApeCoin (APE) within the past day. Though this meant a bullish signal, the APE declined by approximately 25% over the past couple of hours. Large Ethereum wallets, including Bonobo, BlueWhale0079, and Sabo, accumulated ApeCoin worth millions over the past 24 hours.

Nevertheless, declined Otherdeed NFTs and Bored Apes sales since the previous week dampened sentiment. Such developments dragged APE lower, exploring the $7 mark. While writing this content, APE traded at $7.55, following a 25% crash within the last few hours.

Declining NFT Markets Pressure ApeCoin

Since ApeCoin (APE) is the governance coin to the Bored Ape Yacht Club NFT collection, the alt tends to mimic the collection’s sentiment. For instance, April saw APE climbing to record highs as it anticipated a new metaverse launch by Yuga Labs, the Bored Ape creator.

However, APE has declined consistently since the metaverse (Otherside) launch. That came as the project’s hype waned. The crypto market crash furthered the downtrend as it dented the NFT market.

The past two weeks saw Bored Apes record 40% declines in floor price, hitting 1-month lows on Tuesday. Also, the project’s trading volumes diminished this month.

Top ETH Whales Scoop APE

The last three days had APE prices hovering within the $8 – $9.5. Nevertheless, the Bored Ape NFT token saw a significant slump as all metaverse coins deteriorated. WhaleStats data shows APE rejoined the top 10 list by trading volume among the 500 leading Ethereum whales over the past 24 hours.

That reflects the whale’s confidence in buying APE as the alt bottomed at $8. Accumulation activities by various whales pushed ApeCoin slightly beyond $10 over the past day. Nevertheless, sluggish investor sentiment towards APE could not steady to token above the $10 mark.

WhaleStats revealed several transfers by leading whales. Sabo paid $1.4 million for 151,932 ApeCoins, whereat BlueWhale0079 accumulated 199,999 tokens worth $1.8 million. Meanwhile, Bonobo purchased the most ApeCoin tokens over the previous day.

Though the interest in whales, NFTs sales plunged to lifetime lows triggering negative sentiments within the community.

We have more crypto developments coming your way. Stay tuned.

Editorial credit: photo_gonzo / shutterstock.com