ApeCoin (APE) price surged more than 80% on Friday to roughly $0.18, breaking out of a tight range around $0.10, drawing optimism from Yuga Labs confirmation of Michael Figge as chief executive earlier this week.
On-chain analytics firm Lookonchain flagged a newly created wallet that rotated out of ether and into a 5x leveraged long on 9.19 million APE, sitting on a $713,000 unrealized gain at the time of reporting.
Leadership Shift Reignites ApeCoin Price Rally
Yuga Labs, the company behind the Bored Ape Yacht Club (BAYC) and the Otherside metaverse, promoted longtime chief product officer Figge to the top role around April 16. Co-founder Greg Solano moved to chairman of the board.
Figge has been with Yuga since 2021 and joined from a background in film, animation, and digital art. His appointment coincides with fresh ecosystem plans, including a proposed Yuga Grails over-the-counter desk for high-end NFT liquidity.
Community sentiment around the token has shifted sharply in recent days. Billionaire BAYC collector Adam Weitsman, who holds thousands of Otherside deeds and multiple Mega Mutant Apes, has publicly reiterated confidence in the new leadership team.
Hyperliquid Trader Times the Rally
Data from Lookonchain shows the anonymous trader sold 75 ether worth $174,000 on Hyperliquid before opening the 5x APE position valued at $1.03 million.
The wallet has no prior transaction history, which fueled speculation about informed trading ahead of the move.
APE had traded near $0.10 for months before Friday’s breakout, leaving it still roughly 99% below its 2022 peak. In it’s latest surge, the altcoin topped out at $0.1965, up 70% in the last hour.
ApeCoin (APE) Price Performance. Source: TradingViewWhether the rally holds will depend on how quickly Figge delivers on the roadmap and whether broader NFT volumes follow.
The post ApeCoin (APE) Price Rallies 80%, Puts One Trader In the Spotlight for Insider Trading appeared first on BeInCrypto.
Source: https://beincrypto.com/apecoin-rally-insider-trading-profit/
