Whale Accumulates Millions of APE, According to On-Chain Data

Lookonchain, the on-chain monitoring platform, revealed in an X (formerly Twitter) post today that a whale has been purchasing ApeCoin (APE) regularly over the past few weeks. According to the post, Machi Big Brother has purchased APE everyday since 2 August 2023. Lookonchain also shared that the whale has purchased a total of 4.73 million APE during this period.

Most recently, Machi Big Brother spent 1,761 Ethereum (ETH), valued at $2.89 million, and 52K USD Coin (USDC) to buy 2.24 million APE. Lookonchain’s data revealed that this latest purchase was valued at $2.94 million. In addition to the large purchase, the whale withdrew 2.5 million APE, worth $4.49 million, from Binance as well, added the post.

The purchase had a positive effect on the price of APE. CoinMarketCap, the cryptocurrency market tracking website, indicated that APE was changing hands at $1.09 at press time. This was after the altcoin achieved a 24-hour gain of 1.41%. Furthermore, the cryptocurrency was trading at its 24-hour high, while its low for the same period sat at $1.06.

Daily chart for APE/USDT (Source: TradingView)

From a technical perspective, APE was still trading in a medium-term negative price channel. After rebounding off of the $0.977 support level over the past few days, the altcoin’s price entered into a short-term positive trend. Should this bullish momentum continue, APE may attempt to break above the $1.298 threshold in the next few days.

This is a significant price point given the fact that it was also confluent with the upper level of the aforementioned price channel that was present on APE’s daily chart. Therefore, a break above this mark could be followed by APE continuing to climb to as high as $2.210 in the following few days.

This bullish thesis could be invalidated if the cryptocurrency is unable to break above the $1.298 mark within the next week. In this scenario, APE may correct to retest the $0.977 support level.