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#CryptoMarketSeesVolatility
The price of ApeCoin (APE) Reli 80%, Positioning a Trader in the Spotlight for Insider Trading
The price of ApeCoin
APEUSD
surged more than 80% on Friday to around US$0.18, breaking out from a narrow range around US$0.10, sparking optimism after Yuga Labs confirmed the appointment of Michael Figge as CEO earlier this week.
On-chain analytics company Lookonchain detected a new wallet transferring funds from ether to a long position with 5x leverage on 9.19 million APE, with unrealized gains of US$713,000 at the time of this report.
Leadership Change Sparks ApeCoin Price Rally
Yuga Labs, the company behind Bored Ape Yacht Club (BAYC) and the Otherside metaverse, promoted Figge, who previously served as Chief Product Officer, to the top position around April 16. Co-founder Greg Solano is now chairman of the board.
Figge has been with Yuga since 2021 and comes from the worlds of film, animation, and digital art. His appointment coincides with new ecosystem plans, including the Yuga Grails proposal as an over-the-counter desk to provide top-tier NFT liquidity.
Community sentiment toward this token has changed drastically in recent days. Billionaire BAYC collector Adam Weitsman, who owns thousands of Otherside deeds and several Mega Mutant Apes, openly reaffirmed his confidence in the new leadership team.
Hyperliquid Trader Timely Enters the Rally
Data from Lookonchain shows that this anonymous trader sold 75 ether worth US$174,000 at Hyperliquid before opening a 5x APE position valued at US$1.03 million.
This wallet has no prior transaction history, fueling speculation of insider trading before the move.
“We found this insider before $APE the surge of 80%! Currently, he’s already making a profit of US$713 thousand,” reported Lookonchain.
APE has been trading in the US$0.10 range for months before the breakout on Friday, so its value is still about 99% below the 2022 high. In the recent surge, the altcoin briefly reached US$0.1965, up 70% in the last hour.
Whether this rally can sustain will depend on how quickly Figge can execute the roadmap and whether overall NFT volume also increases.