Here is the reason why Ethereum whales are buying millions of ApeCoin tokens

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

Large wallet investors on the Ethereum network are bullish on ApeCoin price. Whales have consistently accumulated the NFT token ahead of Ape Fest ‘22, scheduled for June 20, 2022.

Also read: ApeCoin price shows reasons to jump in early

ApeCoin partners with tokenproof for Ape Fest ‘22

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

Hey apes! We teamed up with the crew from @tokenproof to securely verify ownership and distribute tickets to ApeFest ‘22. Details in thread for downloading and enrolling in tokenproof’s app - we recommend doing so now so you’re ready to go once ticketing opens.
— Bored Ape Yacht Club (@BoredApeYC) June 1, 2022

ApeCoin informed its community of token holders that the only way to get tickets for Ape Fest ‘22 is via the tokenproof application. To enroll in tokenproof, users have to use a wallet holding Bored Ape Yacht Club or Mutant Ape Yacht Club NFTs.

ApeCoin is organizing the Ape Fest on June 20-23, 2022, between 5 and 10 pm, taking over Pier 17 in New York City.

It’s official — June 20-23, 5-10pm, apes are taking over Pier 17 in NYC for ApeFest! pic.twitter.com/UUxcU8diiD
— Bored Ape Yacht Club (@BoredApeYC) May 17, 2022

With Ape Fest drawing closer, there is a rise in ApeCoin accumulation by whales on the Ethereum network.

Ethereum whales accumulate ApeCoin

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

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

Analysts believe ApeCoin price could climb higher

Eno Ikenna Eteng, a leading crypto analyst evaluated 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 resistance at $7.20 could promote 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 ApeCoin price and analysts at the YouTube channel AA-Accelerate believe the NFT token could breakout soon. Analysts consider $9.80 a key significant level for ApeCoin.

APE/USDT 4-hour price chart

Analysts at FXStreet have identified the top gaining and losing altcoins of the past week. For more information, watch this video:

Share: Cryptos feed

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.