Forecast Trend Report by Period
ApeCoin surged nearly 80% after Yuga Labs announced a new chief executive officer, with the sharp rally also prompting insider trading suspicions after a large leveraged long position surfaced just before the move.
As of April 25, ApeCoin was trading at 318 won on South Korean crypto exchange Bithumb, up 77.65% from a day earlier. It rose as high as 415 won during the session. On Binance's USDT market, the token climbed more than 90% intraday to as high as $0.2780.
The rally followed a management overhaul at Yuga Labs, the creator of Bored Ape Yacht Club, or BAYC. In mid-April, Yuga Labs promoted Chief Product Officer Michael Figge to CEO and appointed co-founder Greg Solano as chairman. The company also unveiled plans to introduce Yuga Grails, an over-the-counter desk aimed at providing liquidity for non-fungible tokens, or NFTs.
On-chain data analytics firm Lookonchain said suspicious trading activity appeared just before the surge. It said a newly created crypto wallet with no previous transaction history sold $174,000 worth of Ether and then opened a $1.03 million ApeCoin long position using 5x leverage.
Lookonchain said the wallet, which it identified as a suspected insider address, is now sitting on $713,000 in unrealized gains from ApeCoin's rally.
Doohyun Hwang
cow5361@bloomingbit.ioKEEP CALM AND HODL🍀
