Apecoin rally may have mesmerised many as the price since its inception recorded huge gains. The price from below $1 surged extremely high on the day of launch, but also fell deep down the hill to hit the levels below $10. Further, the asset consolidated well below $15 for almost a month and led to a huge uptrend in the past couple of days. This may be the time when the ETH whales may have been attracted.
But will they help prices to rise high or just squeeze out profits, much similar to Shiba INU (SHIB)?
Coinpedia has earlier reported the strategy the ETH whales are following to make quick money with less priced crypto assets. The data from a popular analytics tool, WhaleStats, which tracks ETH whales, discovered huge SHIB holdings. It did impact the price but the asset’s jump remained restricted below 8% to 10%. As it may be speculated that the whales extracted their profit with a minimum margin as they influx huge liquidity.
In a similar way, Apecoin has gained whales’ attention as they have accumulated more than 387K APE in the past 24 hours. These holdings are worth nearly $8 million, due to which the APE price may have gained more than a 20% hike from early trading hours. A similar scenario earlier happened with SHIB price which witnessed a single day spike of nearly 26% on 12 April 2022.
The same day, a couple of ETH whales accumulated more than 393 billion SHIB worth nearly $10 million. However, the price began fading the very next day and currently struggling to reach the $0.00002440 resistance level. Therefore, the APE price which spike high and quickly dropped is on its way toward the ATH. And hence the same whales tend to extract their profits in a similar way they did with Shiba INU(SHIB) price.
Therefore traders need to be extra cautious in dealing with Apecoin(APE) price!