Key points:
On-chain data showed a newly created wallet opened a leveraged long position on ApeCoin shortly before the rally.
The trader’s position was estimated to be up more than $700,000 during the price spike.
Retail sentiment on Stocktwits around the APE token flipped to bullish’ from ‘extremely bullish’ over teh past day, while chatter rose to ‘extremely high’ from ‘high’ levels.
An investor in ApeCoin (APE) made more than $700 million on Friday after the token jumped more than 80% over the span of a day to a three-month high.
Blockchain data from HypurrScan, flagged by LookOnChain, showed that a newly created wallet deployed capital shortly before the rally. The wallet sold 75 Ethereum (ETH) for around $174,000 on Hyperliquid and opened a 5x leveraged long position on roughly 9.19 million APE tokens, valued at about $1.03 million. The position was in a profit of over $713,000 as prices climbed.
APE’s price surged nearly 70% to around $0.17, recovering after hitting a record low of $0.08 last week. The token was among the top trending tickers on Stocktwits at the time of writing. Retail sentiment around the meme coin on the platform flipped to ‘bullish’ from ‘extremely bearish’ over the past day and chatter jumped to ‘extremely high’ from ‘high’ levels.
Why Is ApeCoin Rallying On Friday?
Chatter on X indicated that some of the momentum behind ApeCoin comes after Michael Figge was officially named CEO of Yuga Labs earlier this month, replacing Greg Solano, according to retail chatter on X. While Figge has not outlined detailed policy changes, he has signaled a shift in focus toward expanding the Otherside metaverse platform and rebuilding engagement around NFTs.
Meanwhile, retail traders on Stocktwits largely celebrated the pop in ApeCoin’s price, but some expressed caution that the rally may be followed by a hard drop.
ApeCoin’s price has gained nearly 85% over the past month, but remains down by 68% over the past 12 months.
The surge on Friday came despite broader weakness in the cryptocurrency market. Bitcoin (BTC) was trading flat over the last 24 hours at around $77,600. Retail sentiment around the apex cryptocurrency on Stocktwits trended in ‘bullish’ territory over the past day, while chatter dipped to ‘normal’ from ‘high’ levels.