As ETH whales go APE shopping, here’s what you should know before doing the same

Despite APE’s recent setback and a massive price correction, dominant buyers continue to show faith in the token. What’s going on here?

ApeCoin crashed from $24.86 to $16.73 following Saturday’s Otherside sale. One of the reasons could be the congestion caused on the Ethereum blockchain through the minting of Otherdeed NFTs. This resulted in some failed transactions and services like Uniswap slowed down.

Soon the flagship coin witnessed a fall in the number of holders as well. As per CoinMarketCap, Apecoin lost around 10k followers at the time of writing. But looks like, dominant buyers still didn’t lose interest.

Don’t worry, I got you

Dominant buyers, aka whales, and in this case – Ethereum whales, have acquired large chunks of the trendy APE tokens. WhaleStats crypto tracker reported that two major whales have purchased APE tokens worth $9 million in total.

Whale “Jiraiya” acquired 499,998 APE worth $8.1 million as per this tweet on 1 May. Overall, “Jiraiya” stored $8,625,918 in APE.

In addition, “Bombur” grabbed 70,804 APE—the equivalent of $1,255,359. Totally, “Bombur” wallet contained $16,032,829 in APE. Indeed this whale has been a busy entity when it comes to buying altcoins. Earlier this month, “Bombur” purchased several massive amounts of SHIB, totaling more than 100 billion coins.

Such a massive shopping spree would indeed aid the struggling token raise by a significant bit. Now, even though the price didn’t change much, here’s what did change. APE is currently the most-traded token among the 100 largest ETH investors as per this 2 May tweet.

Shiba Pup > APE?

SHIB, the famed meme coin still maintains the top position in terms of whale holdings. The meme token outperformed other ETH-based tokens once again, including FTT, MATIC, and LINK. It accounted for the largest asset (15.01%) in USD equivalent held by whales.

Source: Whalestats

APE, on the other hand still has a long journey to cover. The cryptocurrency community at CoinMarketCap is not overly bullish on the price of the token. APE would trade at $16.78 by the end of May 2022, that barely a 0.46% gain compared to the current price.