A prominent whale recently made headlines by unstaking and depositing 8.99 million $APE tokens, worth approximately $10 million, to OKX.
This transaction, completed just an hour ago, appears to mark the end of the whale’s $APE trading activity, which spanned 1.75 years. Unfortunately, the exit was made at an estimated loss of $6.68 million, equivalent to a 10% decline from the initial investment.
This isn’t the whale’s first significant move involving $APE. On October 21, they deposited 7.767 million $APE tokens, valued at $11.98 million, to OKX during a massive 140% price pump. These large-scale transactions have made the whale a notable figure in the $APE trading ecosystem.
A whale unstaked and deposited all 8.99M $APE ($10M) to #OKX an hour ago.
With this deposit, the whale appears to have closed its first $APE trade after 1.75 years of intensive trading, at an estimated loss of $6.68M (-10%).
Its previous major deposit was 7.767M $APE ($11.98M)… https://t.co/mFI4wyRwVr pic.twitter.com/xORK6TG0Fr
— Spot On Chain (@spotonchain) November 18, 2024
ApeCoin Shows Good Signs Of Adoption
Despite this whale’s trading challenges, $APE, the governance token of the ApeCoin ecosystem, continues to show growth in its adoption. Since its launch, the token has achieved a milestone of over 380,000 unique wallet addresses, highlighting its expanding community.
JUST IN: $APE (@apecoin) has surpassed 380,000 unique addresses since its launch 🚀 pic.twitter.com/BjiSg100lt
— BlockNews (@blocknewsdotcom) November 16, 2024
The whale’s exit underscores the volatile nature of cryptocurrency markets, where even seasoned traders face significant risks. As $APE continues to gain traction among investors and users, its long-term potential remains a topic of interest within the crypto community.
For now, this major whale’s departure serves as a reminder of the high-stakes environment in which digital assets operate.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Image Source: angrysun/123RF // Image Effects by Colorcinch
