Here’s the reason why Ethereum whales are buying millions of ApeCoin tokens | Cryptocurrency

  • ApeCoin, the NFT token has partnered with the tokenproof authentication app to verify and distribute tickets for Ape Fest ’22.
  • ApeCoin now ranks in the top 10 cryptocurrencies held by large wallet investors on the Ethereum blockchain.
  • Analysts believe that the breakout of ApeCoin price to $7.20 could confirm a bullish trend for the NFT token.

Large wallet investors on the Ethereum network are bullish on the price of ApeCoin. Whales have been steadily accumulating the NFT token ahead of Ape Fest ’22, scheduled for June 20, 2022.

Also Read: ApeCoin Price Shows Reasons to Jump Early

ApeCoin partners with tokenproof for Ape Fest ’22

ApeCoin has partnered with tokenproof, an app that allows NFT owners to authenticate ownership of NFTs and other assets, while they are held securely in cold storage. The ApeCoin partnership enables the NFT token to verify ownership and distribute tickets for the Ape Fest ’22 event.

ApeCoin has informed its community of token holders that the only way to obtain tickets for Ape Fest ’22 is through the tokenproof app. To sign up for tokenproof, users must use a wallet containing either Bored Ape Yacht Club or Mutant Ape Yacht Club NFTs.

ApeCoin is hosting the Ape Fest from June 20 to 23, 2022, between 5 p.m. and 10 p.m., taking over Pier 17 in New York.

With Ape Fest drawing closer, there is an increase in whale accumulation of ApeCoin on the Ethereum network.

Ethereum Whales Accumulate ApeCoin

WhaleStats, a leading cryptocurrency analytics platform, tracks the top 100 Ethereum whale addresses. According to data from WhaleStats, whales on the Ethereum network have turned to NFT tokens. Among other tokens, whales now accumulate ApeCoin.

A prominent Ethereum whale “Banobo” acquired 450,000 ApeCoins, worth over $3 million. This is the highest accumulation of ApeCoin by a whale on the Ethereum network.

Analysts Believe ApeCoin Price Could Climb Higher

Eno Ikenna Eteng, a leading crypto analyst assessed the ApeCoin price chart and identified the formation of a pinbar at the $7.0036 level. The analyst has set the downside target at $6.0211 and a break past the resistance at $7.20 could favor a rally to $8.33 and $9, the psychological resistance level.

APE/USDT Price Chart

$9.80 is one of the most bullish targets for the price of ApeCoin and analysts from YouTube channel AA-Accelerate believe that the NFT token may break out soon. Analysts consider $9.80 a significant level for ApeCoin.

4-Hour APE/USDT Price Chart

4-Hour APE/USDT Price Chart

Netcost-Security analysts have identified the most gaining and losing altcoins of the past week. For more information, watch this video:

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Here’s the reason why Ethereum whales are buying millions of ApeCoin tokens | Cryptocurrency

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