Cody McGrath 
The ApeCoin has been on a downward trend as it plummeted 25% in the last few hours despite the buying decoy of Ethereum Whales in the last 24 hours.
Notable Ethereum whales such as “Sabo,” “BlueWhale0079,” and “Bonobo” have purchased ApeCoin worth millions in the last 24 hours. However, since last week, plummeting sales of Bored Apes and Otherdeeds NFTs have influenced sentiment, pushing APE prices down to $7.
ApeCoin (APE) is currently trading at $7.55, down 25% in the last few hours
APE is under pressure from falling NFT markets
Given that APE is the Bored Ape NFT collection’s native token, it tends to monitor sentiment towards the collection. It had risen to all-time highs in April on the back of Bored Ape creator Yuga Labs’ announcement of a new metaverse.
However, since the launch of the metaverse, Otherside, APE has been on a steady decline as the project’s hype faded. The slump was accelerated by a crypto market crash, which also impacted NFT prices.
The floor price of Bored Ape has dropped by 40% in the last two weeks, hitting a one-month low on Tuesday. This month, trading volumes in the project have largely dried up.
ApeCoin (APE) amassed by top Ethereum whales
For the past three days, ApeCoin (APE) values have been fluctuating between the $8-$9.5 range. However, as all metaverse tokens have taken a hit, the token for the Bored Ape NFTs has plummeted.
According to WhaleStats, APE has re-entered the top ten by trading volume among the 500 largest Ethereum whales in the last 24 hours. It demonstrates whales’ confidence in accumulating ApeCoin since prices have dropped to around $8. Several notable whales have been buying in the last 24 hours, pushing the price briefly beyond $10. However, ApeCoin (APE) has been unable to stabilize above $10 due to weak investor confidence.
WhaleStats reported several transactions involving top whales. “Sabo,” an ETH whale, paid $1.4 million for 151,932 APE, while “BlueWhale0079” paid $1.8 million for 199,999 APE. The ETH whale “Bonobo,” who acquired the most APE in the last 24 hours, saw two transactions.
Despite the whales’ interest, NFT sales have fallen to an all-time low, causing negative sentiment in the community.
Recently, the ApeCoin community just voted in favor of staking on APE, and the idea is now being implemented according to DAO governance protocols.