ApeCoin Moves Tokens to Prominent Accounts Amid Price Rally

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ApeCoin Moves Tokens to Prominent Accounts Amid Price Rally

• ApeCoin has shown significant price increases in the last few days as per CMC data.
• The ApeCoin DAOs ApeChain went live on October 20.

Several memecoins have risen to prominence over the past few weeks. This has led to speculations of a returning memecoin season. The largest memecoin and Elon-Musk endorsed DOGE has shown significant surges in the past weeks. Specifically, ApeCoin has shown significant price surges over the weekend.

The official ApeCoin account has been observed making movements in the past few hours. According to Arkham Intelligence data, the official account transferred 3.289 million tokens worth $5.13 million to prominent liquidity platform Wintermute two hours ago. Following this, it moved another 1.297 million ApeCoins worth $2.04 million to an anonymous address —“0xEA6.”

Additionally, the Wintermute account has received a total of 8.289 million APE tokens worth approximately $12 million, in the last 5 hours. The liquidity firm has also received APE from several other exchanges including Coinbase, and transferred it to other accounts. Wintermutes current APE holdings stand at 972.818K.

Moreover, the ApeCoin prices, as aforementioned, have shown significant upward movements over the last two days in particular. On inferring its daily price chart, APE shows an additional 1.73% price increase.

Zooming out, in the past week the token has factored in a 96.28% price breakout. It rallied from a low of $0.76 to a weekly high of $1.74. At the time of writing, the token was trading at $1.51 as per CMC data.

Why Did ApeCoin Price Experience a Breakout？

The memecoin which has taken to the spotlight began its rally on 20 October as the ApeCoin DAO announced the launch of its ApeChain. The blockchain is ApeCoins Layer 3 mainnet built on the Arbitrum Orbit.

This blockchain has introduced a new feature called the “Automatic Yield Mode”. This doesnt require APE holders to stake to earn rewards and automatically rewards them. With this announcement, the token has shown a significant rise in price.

Meanwhile, as aforementioned, other tokens such as DOGE and altcoins Solana and Ethereum have also progressed from their consolidation phases.