ApeCoin: A rising whale interest and NFT growth could push APE toward…

• APE’s price decline contrasts with positive altcoin trends, but recent whale activity sparks optimism.
• Notable whale Machi Big Brother’s APE token withdrawals indicate potential positive sentiment and market shifts.

In the midst of a period marked by positive momentum among various altcoins, ApeCoin [APE]’s consistent decline in price emerged as a notable anomaly.

However, recent shifts in the behavior of significant market participants, namely whales, are casting new light on APE’s potential trajectory.

Realistic or not, here’s APE’s market cap in BTC’s terms

Whales dive in

Data sourced from lookonchain unveiled a substantial move by a notable whale named Machi Big Brother. With a reputation for strategically timing the buying and selling of APE tokens, this whale made a significant withdrawal of 1.14 million APE tokens (equivalent to $2.32 million) in only a span of three hours.

Starting from the beginning of August, Machi Big Brother embarked on an accumulation spree. The whale accumulated a notable sum of 1.51 million APE tokens (amounting to $3.09 million) from Binance. This whale’s actions highlighted a potentially positive sentiment surrounding APE’s future.

Amidst this development, there were indicators that suggested a bearish outlook for APE. Network growth and velocity experienced declines, challenging some of the earlier indicators of APE’s potential.

However, a glimmer of positivity emerged as the number of APE token holders witnessed an increase. This uptick in holders suggested a potential change in market dynamics, as more individuals engaged with APE.

Source: Santiment

The Market Value to Realized Value (MVRV) ratio, closely aligned with the price surge, indicated that the possibility of incentives for selling among profitable addresses had increased.

Additionally, the Long/Short ratio for Apecoin also fell. This implied that those short-term holders who attained profitability might be inclined to seize the opportunity to sell, potentially impacting APE’s future movements. Furthermore, at the time of writing, APE was trading at $2.10.

Source: Santiment

How are the NFTs doing?

The potential for APE’s resurgence didn’t depend only on internal factors but was also connected to external trends. The success of Yuga Lab NFTs stood as a beacon, potentially drawing attention and interest toward APE.

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Furthermore, the average price of the Bored Ape Yacht Club (BAYC) surged by 2.45% over the course of a week. The Mutant Ape Yacht Club (MAYC) also witnessed a parallel growth pattern, with a 2.04% increase in sales during the same period.

Source: NFTGO

The ripple effects of these NFT trends could potentially spill over into APE’s ecosystem, adding to its prospects and generating renewed enthusiasm among participants.