The original token of the Bored Ape Yacht Club (BAYC) ecosystem, peCoin (APE), slid to an all-time low of $1.02 in October. However, a group of whale millionaires jumped in to accumulate APE tokens at a discounted price.
After enduring about a month of buying pressure from whales, APE has rebounded by 40%, swiftly reclaiming the $1.4 territory.
Santiment’s data reveals that investors with balances ranging from 1 million to 10 million ApeCoins increased their holdings by an additional 10 million tokens between October 26 and November 10.
The 40% price increase from the all-time low indicates that some retail investors with strategic positions have also regained confidence and assumed bullish stances. If whales continue accumulating, concerns about ApeCoin’s price dropping to $0 may be alleviated.