Apecoin Price Surges Above $1.90 After Launching ApeChain on Arbitrum
The Apecoin (APE) price has experienced a significant boost, surpassing $1.90 for the first time in six months. This surge in price can be attributed to the community’s approval of a proposal to launch a new project called ApeChain on the Arbitrum network.
- Dwindling investor interest in the NFTs sector impacted Apecoin’s ecosystem.
- ApecoinDAO voted to build ApeChain on Feb. 16.
- Arbitrum’s Horizen sidechain won the vote, driving volatile price action.
- APE’s price reached a six-month peak of $1.90 on Feb. 19 before experiencing a 13% pullback.
Crypto Whales Invest $40 Million in Apecoin Rally
Apecoin’s recent price tumble was driven by retail investors and swing traders booking profits. However, corporate entities and high net-worth whale investors have maintained their bullish stance, as evidenced by their continued accumulation of APE tokens.
- Whales have spent approximately $40 million acquiring 21.8 million APE since Jan. 1.
- Whale investors’ willingness to accumulate during market volatility signals confidence in the project’s long-term prospects.
Apecoin Price Forecast: Bulls Could Stage Rebound from $1.50
Bulls may stage an early rebound in APE price toward $2, supported by whale accumulation and the potential boost from ApeChain. To maintain this upward momentum, bulls must defend the $1.50 support level.
- If the support level holds, APE’s price could avoid a reversal below $1.50.
- Bullish news in the NFT sector may further fuel the buying trend among Apecoin whales.
- APE’s current price is 95% below its all-time high, making it an attractive investment opportunity.
Hot Take: Apecoin’s Price Surge Indicates Positive Momentum 🚀
The launch of ApeChain on Arbitrum has revitalized the Apecoin ecosystem, leading to a surge in price. With continued support from crypto whales and the potential for further growth in the NFT sector, Apecoin’s bullish momentum is expected to continue. As an eagle-eyed investor, you may find this an opportune time to consider investing in Apecoin, given its attractive growth prospects and current discounted price. Keep a close eye on market trends and the performance of ApeChain as you navigate this exciting investment opportunity.
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