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As whales gather around, here’s how APE reacted

2min Read

NFT market’s resurgence and Yuga Labs’ success contribute to APE’s revival, but challenges like declining network growth persist.

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  • Whale interest in APE tokens surged.
  • Interest in Yuba Labs’ NFTs started to grow as well.

As the NFT market displays signs of recovery, tokens associated with the NFT sector were experiencing a resurgence, drawing renewed attention from traders and investors. This resurgence could potentially signal a revitalization for NFT-related projects.


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


Whales swim towards APE

In recent days, Machi Big Brother, a significant player, invested 423 ETH ($713K) to acquire 487,519 APE tokens at a rate of $1.46 each. Over August, their Ape holdings soared to 3.53 million, amounting to $5.2 million.

Additionally, another prominent investor withdrew 650K tokens ($956K) from Binance, signaling substantial movement within the APE token ecosystem.

This influx of whale interest presented both positive and negative implications for the APE protocol. While it added credibility and liquidity to the ecosystem, it might also lead to increased volatility and potential market manipulation.

Despite these whale-driven developments, APE’s price witnessed a decline over the past week, with APE trading at $1.481 at the time of writing. This trend reflects ongoing market fluctuations.

The network growth of APE also showed a decline, suggesting a potential waning interest among new addresses. This fall might raise concerns about the token’s future adoption and utility. In terms of sentiment, weighted sentiment saw a decline, although it remained declined. This shift in sentiment can indicate evolving perceptions about APE’s prospects.

Source: Santiment

In tandem with the broader NFT resurgence, NFTs associated with Yuga Labs have surged. Notably, the Bored Ape Yacht Club (BAYC) floor price has risen to 28.25 ETH, signifying increasing demand for these collectibles.

 

State of Apecoin governance

Recent governance proposals were also shaping APE’s trajectory. A proposal was put forth for the ApeCoin DAO to allocate $1 million across two quarters using the Delegated Domain Capital Allocation Model. This initiative aims to fund diverse teams aligned with ApeCoin’s roadmap, enhancing the ecosystem’s growth potential.

Furthermore, the proposal suggests entrusting the management of this budget to four community-elected Domain Allocators. This model promotes aligned allocation of funds based on strategic domains, enhancing resource efficiency and community empowerment.


Is your portfolio green? Check out the ApeCoin Profit Calculator


The Delegated Domain Allocator approach brings transparency to fund allocation, enhancing stakeholder understanding of the decision-making process. This transparency can foster community confidence and encourage active participation.

The proposal passed with 99.1% of voters in favor of the protocol.

Source: Santiment

 

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Himalay is a full-time journalist at AMBCrypto. A Computer Science graduate, Himalay writes about crypto with a special focus on the latest coin-based updates. He is a fan of gonzo journalism, transgressive fiction, heavy metal, and Manchester United.
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