BroadChain News, April 26, 01:46, according to BeInCrypto, ApeCoin (APE) surged over 80% on April 24, breaking out of the narrow consolidation range near $0.10 and hitting a high of $0.1965. Yuga Labs confirmed this week that Michael Figge has been appointed CEO, becoming the core catalyst for this rally.
On-chain analysis firm Lookonchain monitored a newly created wallet that went long 9.19 million APE on Hyperliquid with 5x leverage, with a position cost of approximately $1.03 million. The wallet had no prior transaction history and currently has an unrealized profit of $713,000, sparking market speculation about insider trading.
Yuga Labs co-founder Greg Solano has transitioned to Chairman of the Board, with former Chief Product Officer Figge taking over as CEO. Figge joined Yuga in 2021 and has a background in film, animation, and digital art. After taking office, he proposed new ecosystem plans, including the Yuga Grails over-the-counter trading desk, boosting community confidence. BAYC whale collector Adam Weitsman publicly expressed optimism about the new leadership.
APE's current price is still down approximately 99% from its all-time high in 2022. Whether this rally can be sustained depends on Figge's ability to quickly deliver on roadmap commitments and whether overall NFT market trading volume can recover.