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Ethereum Whales Purchase Over $6 Million Worth Of APE Tokens

The APE crypto project has arisen as the most purchased digital currency by the largest Ethereum wallet in the last 24 hours.

The release of the APE crypto project has been the table-shaker of this week. Interestingly, last Thursday, the APE coin was deployed into the public markets after being distributed to BAYC NFT holders as an airdrop.

Currently, news has it that mainstream Ethereum users are readily interested in going big on the APE coin, and they have their actions to precede them.

WhaleStates About Ethereum

WhaleStates, one of the leading crypto whale analytics platforms globally, published a tweet about the latest updates on the APE coin. From the post, the analytics giant described the Ape coin as climbing up the leaderboard of the top 10 purchased crypto tokens by over 1,000 largest ETH whale traders within the past 24 hours.

Related Reading | Shiba Inu Exodus: 32,000 Holders Lose Interest In The ‘Dogecoin Killer’

The APE coin sits as the #4 leaderboard of most purchased tokens globally, following USD Coin (USDC). Additionally, it is the leading BUSD token with an Average Purchase Amount of $40,854 in the past 24 hours.

Notably, the first ETH address purchased exactly 300,000 APE coins (sold at $3.3 million current). This trade occurred on March 18th.

ETH price recovers above $3000 | Source: ETHUSD on TradingView.com

Then, the transaction was valued at over $4.2 million. Thus, making the whale trader at a 7.88 decrease since its All-Time-High price of $17.75 on Friday 18th March.

What Is The APE Coin?

ApeCoin is an Ethereum-based (ERC-20) utility and governance token utilized within the APE network. It facilitates decentralized transactions within the ecosystem and empowers the entire community to develop at the vanguard of web 3.0. ApeCoin has an unchangeably fixed supply of 1,000,000,000 tokens, but there are currently only 277,000,000 tokens in circulation.

ApeDAO, the project’s decentralized organization, deployed the APE coin for gaming, culture, and community to further the developments of the company’s Web 3.0 innovations.

Already, ApeCoin has been listed among several leading crypto exchanges and crypto analytics platforms. They include Gemini, FTX, Coinbase, Binance, Global Coin, eToro, Kracken, and Voyager.

Who Are The Whales?

Amazingly, the crypto whale that made this purchase is Ethereum’s 10th largest whale. However, his portfolio comprises nearly 50% FTT token, FTX exchange’s native token.

Moreover, asides from that first purchase, a second transaction occurred by the 20th biggest whale in the Ethereum blockchain. This second whale purchased an equal amount of APE tokens that day (Thursday, 17th March).

Related Reading | Bitcoin Breaks Past The $40,000 Barrier Again – Can It Sustain The Momentum?

On Sunday, ApeCoin published more recent developments about the APE coin, highlighting the collaboration with Time Magazine. Thus, the magazine giant will begin to use the APE coin to facilitate online subscriptions.

Featured image from Pixabay, chart from TradingView.com

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Could An Elon Musk Time Magazine Cover Predict The Crypto Cycle Peak?

The crypto market is in turmoil – a major change from the exuberance that kickstarted the year. One of the most important figures responsible for the euphoria in Q1, was none other than the self-proclaimed Dogefather, Elon Musk. His sudden love affair with Bitcoin and other crypto assets send valuations flying, and once he changed his tune, so did the trend.

Now, the Tesla and Space X frontman is also made it on the front cover of Time Magazine as the elusive person of the year. But it could it be an omen that the end of the crypto bull cycle is near – or potentially already here.

Time Magazine Picks Elon Musk As Person Of The Year

Bitcoin and cryptocurrencies have been compared to all kinds of bubbles, ranging from tulip mania to the dot com boom.

While it can be argued that like tech stocks from two decades because crypto assets make a comeback, they aren’t actually in a bubble at all, a more dramatic ‘pop’ could be on the way, according to the unfortunate timing of the Elon Musk Time Magazine cover.

Related Reading | Bitcoin “Speculative Chart” Suggests Crypto To Soon Blast off

Time Magazine selected Musk as the 2021 person of the year, which in the past has gone to names like Kamala Harris, Mark Zuckerberg, Barack Obama, and Jeff Bezos.

In fact, it’s the Amazon CEO that coincidentally could be a sign that the crypto cycle peak is near.

The Jeff Bezos cover was the dot com bubble peak, what about Elon?  | Source: TOTAL on TradingView.com
Dot Com Bubble: A Prelude To The Crypto Cycle Peak

Back in December of 1999, Amazon founder Jeff Bezos was chosen as the Time Magazine person of the year. Three months later in March of the 2000, the dot com bubble popped.

Comparing the famous internet-focused stock market bubble with the total crypto market cap provides a similar trajectory, that may or may not have run out of steam. Even if like the dot com bubble the current level in December were to hold, a peak just three months away in March 2021 would lead to the worst correction that Bitcoin and the rest of the cryptocurrency market has ever seen.

Related Reading | Bitcoin Bottom Signal From Bear Market, Black Thursday Could Save The Bull Run

But that’s only if the peak isn’t already in. Currently, Bitcoin is flirting with continuation to the downside at about $46,000 per coin. The chart above also demonstrates roughly how much more ground could be covered if the level does indeed hold.

Bull markets tend to end in euphoria, and with the market in full blown fear, the sentiment doesn’t quite match. The so-called “magazine cover” indicator has a delayed effect, because the content goes into production months ahead of the publishing date. Could this mean that the peak in April while Musk was making headlines, truly was the euphoric peak? Or has the market not quite seen anything yet in terms of what euphoria could look like?

Thoughts, @TommyThornton? Magazine cover indicator would suggest top is in, but a repeat of a December cover and March top could make sense. pic.twitter.com/YMPfYLeGDk

— Tony "The Bull" Spilotro (@tonyspilotroBTC) December 13, 2021

Follow @TonySpilotroBTC on Twitter or join the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice.

Featured image from iStockPhoto, Charts from TradingView.com