Arbitrum

2024

Horizen

ApeCoin

Apecoin price soared above $1.90 for the first time in six months after the community passed a proposal to launch a new project on the Arbitrum network. 
After a torrid 2023 that saw Apecoin (<a href="https://crypto.news/price/apecoin/" target="_blank" rel="noreferrer noopener">APE</a>) price drop to an all-time low, the fortunes of the BoredApeYacht Club governance token has taken a dramatic positive turn in 2024, thanks to strategic whales’ buying trend.&nbsp; 
The latest partnership with Arbitrum (<a href="https://crypto.news/price/arbitrum/" target="_blank" rel="noreferrer noopener">ARB</a>) driving APE’s price above the $2 milestone still remains to be seen.&nbsp; 
<h2 class="wp-block-heading" id="apecoin-price-surges-21-launching-apechain-on-arbitrum">Apecoin price surges 21%, launching ApeChain on Arbitrum </h2> 
Dwindling investor interest in the <a href="https://crypto.news/bayc-nft-floor-price-drops-90-from-600000-in-18-months/" data-type="post" data-id="14177024" target="_blank" rel="noreferrer noopener">global NFTs</a> sector has significantly impacted Apecoin’s BAYC ecosystem. Inevitably, the native APE token price took a dramatic tumble over the past year, sinking to an all-time low of $1.01 on Oct. 10 of last year.&nbsp; 
However, things have taken a positive turn in the past month, as the Apecoin DAO began to execute fresh initiatives to revive the once-top charting NFT ecosystem.&nbsp; 
On Feb. 16, the ApecoinDAO <a href="https://crypto.news/apecoin-dao-to-develop-its-own-apechain-network-on-arbitrum/" target="_blank" rel="noreferrer noopener">voted</a> on a proposal to build ApeChain, a dedicated blockchain that scales APE and supports the growth of the ApeCoin ecosystem. 
Arbitrum’s Horizen sidechain won by a landslide, scoring 51% of the votes, ahead of <a href="https://crypto.news/price/polygon/" data-type="link" data-id="https://crypto.news/price/polygon/" target="_blank" rel="noreferrer noopener">Polygon</a>’s CDK, Optimism (<a href="https://crypto.news/price/optimism/" target="_blank" rel="noreferrer noopener">OP</a>) and <a href="https://crypto.news/price/ethereum/" target="_blank" rel="noreferrer noopener">Ethereum</a>’s ZKSync.&nbsp; 
The decision resonated among Apecoin investors, driving volatile price action. According to price trends, APE’s price had hit 18% gains in the first half of Feb. 15.&nbsp; 
After the community proposal was passed in favor of Arbitrum on Feb. 16, the rally accelerated by another 20% in the next four trading days, driving APE price to a six month peak of $1.90 on Feb. 19.&nbsp; 
<figure class="wp-block-image">
 <img loading="lazy" decoding="async" width="1600" height="682" src="https://crypto.news/app/uploads/2024/02/image-63.png" alt="Apecoin (APE) price action Feb. 1 - Feb. 21, 2024 " class="wp-image-14251215">
 <figcaption class="wp-element-caption">
 Apecoin (APE) price action Feb. 1 – Feb. 21, 2024 | Source: <a href="https://www.tradingview.com/x/j7crlKqH/" target="_blank" rel="noreferrer noopener">TradingView</a>
 </figcaption>
</figure> 
APE’s price saw a 13% pullback in the last 48 hours between Feb. 19 and Feb. 21, sparking concerns of a bearish sell-the-news cycle.&nbsp; 
Delving into the on-chain trail, the data shows that Apecoin whale investors still hold firm, which signals long-term bullish sentiment.&nbsp; 
<h2 class="wp-block-heading" id="crypto-whales-go-in-on-the-apecoin-rally-with-40-million-inflows">Crypto whales go in on the Apecoin rally with $40 million inflows&nbsp;</h2> 
Apecoin’s recent tumble appears to have been driven largely by retail investors and swing traders who rapidly booked profits as APE price hit a six-month peak on the heels of the Arbitrum partnership on Feb. 16.&nbsp; 
On a more positive note, on-chain data shows that corporate entities and and high net-worth whale investors on the Apecoin ecosystem have maintained their bullish stance amid the price downtrend.&nbsp; 
Santiment’s chart depicts the cumulative balances in wallets holding at least 10 million APE tokens — around $15 million — showing that whales have been buying since the turn of the year.&nbsp; 
<figure class="wp-block-image">
 <img loading="lazy" decoding="async" width="1600" height="746" src="https://crypto.news/app/uploads/2024/02/image-64.png" alt="Apecoin (APE) Whales Wallet Balances increased by 21.8 million tokens between Jan 1 and Feb 21" class="wp-image-14251216">
 <figcaption class="wp-element-caption">
 Apecoin (APE) Whales Wallet Balances increased by 21.8 million tokens between Jan. 1 and Feb. 21 | Source: <a href="https://embed.santiment.net/chart?ps=apecoin-ape&amp;pt=APE&amp;df=2023-12-05T00%3A00%3A00.000Z&amp;dt=2024-02-21T22%3A59%3A59.083Z&amp;emnm=1&amp;emcg=1&amp;wm=holders_distribution_combined_balance_10M_to_100M%3Bprice_usd&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%2326C953&amp;ws=%3B%7B%22interval%22%3A%221d%22%7D" target="_blank" rel="noreferrer noopener">Santiment</a>
 </figcaption>
</figure> 
Since Jan. 1, whales spent approximately $40 million acquiring 21.8 million APE, bringing balances to 61.1 million APE at press time on Feb. 21.&nbsp; 
Despite dramatic price volatility in the past week, whales have maintained their bullish positions, further increasing their balances by 6.6 million APE amid the market frenzy.&nbsp; 
When whale investors make large purchases during a period of heightened turbulence as observed in the Apecoin markets this week, it indicates prevailing bullish sentiment among large investors and institutional traders.&nbsp; 
The willingness to accumulate significant amounts of APE amidst market volatility suggests confidence in the project’s long-term prospects and belief that ApecoinDAO’s fresh initiatives, including the Arbitrum partnership, will yield positive outcomes for the overall ecosystem.&nbsp; 
<h2 class="wp-block-heading" id="apecoin-price-forecast-bulls-could-stage-rebound-from-1-50">Apecoin price forecast: Bulls could stage rebound from $1.50 </h2> 
Based on the bullish disposition observed among whales and the potential ecosystem boost promised by the newly launched Apechain, APE price will likely enter an early rebound toward $2 in the weeks ahead.&nbsp; 
With the ongoing profit-taking wave, APE bulls must first defend the $1.50 support level to stand a chance of an early rebound.&nbsp; 
IntoTheBlock’s global in/out of the money chart below shows that 9,630 current holders had acquired 268,340 million APE at the minimum price of $1.50.&nbsp; 
Considering that this is the largest cluster of investors that bought APE below the current prices, Apecoin will likely avoid a reversal below that level. However, if the support buy-wall caves, APE’s price could tumble toward $1. 
<figure class="wp-block-image">
 <img loading="lazy" decoding="async" width="1600" height="488" src="https://crypto.news/app/uploads/2024/02/image-65.png" alt="Apecoin (APE) Price Forecast, February 2024 " class="wp-image-14251217">
 <figcaption class="wp-element-caption">
 Apecoin (APE) Price Forecast, February 2024 | Source: <a href="https://app.intotheblock.com/coin/APE/deep-dive?group=financials&amp;chart=inAndOut" target="_blank" rel="noreferrer noopener">IntoTheBlock</a>
 </figcaption>
</figure> 
On the upside, some <a href="https://crypto.news/ethereum-nft-volume-approaches-yearly-high-following-gas-price-surge/">bullish news</a> has emanated from the NFT sector in recent weeks. Given BAYC’s historical importance to the NFT world, this development could spur the APE whales to keep up their year-long buying trend. 
If this scenario plays out, the bulls can stage an early price rebound toward $2, as predicted.&nbsp; 
APE’s price is currently trading 95% below its all-time high price of $26.7, so its growth prospects may be attractive to eagle-eyed investors looking to scoop up tokens at the bottom.

Apecoin price surges to 6-month peak following Arbitrum partnership

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