Whale ApeCoin Trading Surges by 2100 What is the Price of APE

Bijie.com reports:
The whale trading volume of several cryptocurrency projects has significantly increased, with ApeCoin (APE) leading the way.
Over the past 7 days, the ERC-20 cryptocurrency affiliated with the Bored Ape Yacht Club (BAYC) has experienced an astonishing 2102.56% increase in whale trading above $100,000.
Sharp rise in whale trading volume
According to the latest data from Santiment, this figure reflects a 22-fold increase in whale activity for ApeCoin compared to usual. This aligns with the nearly 78% surge in APE price and over 833% growth in trading volume in the past seven days, indicating strong market momentum.
This surge follows the launch of the highly anticipated ApeChain by Yuga Labs, the creators of BAYC, on October 20. ApeChain, developed on Arbitrum One, a layer 3 network, is fully compatible with the APE token. ApeChain supports NFT mining, trading, and decentralized applications, with the ultimate goal of improving the platform’s user experience.
However, Santiment also warns that when the whale trading volume of a coin significantly increases, typically by five times or more, its price may move in the opposite direction of recent trends.
The substantial increase in whale trading volume for ApeCoin, combined with the strong price surge, may indicate an impending price decline. Considering its consistent outperformance in the market, the increase in whale activity could suggest an upcoming price correction, which has indeed seen a 15% pullback in the past 24 hours.
Peak of bullish sentiment before correction
Meanwhile, ApeCoin has also been one of the top-performing assets in recent weeks, attracting a lot of FOMO and bullish sentiment as its price soared.
However, as market sentiment became overwhelmingly bullish, the asset went through a correction with a price decline. Santiment explains that this pattern is not unique to meme coins, as markets often move in the opposite direction of public sentiment. When market sentiment becomes extremely bullish or bearish, it serves as an ideal point to buy or sell, making price trends more predictable.