ApeCoin (APE) experienced a significant rally, climbing 22% in the past 24 hours, driven by increased whale activity and speculative trading. The altcoin's open interest surged nearly 40%, while daily trading volume spiked by 230%, according to CoinMarketCap data. This follows a dramatic 174.4% increase within 20 hours on April 24, before retracing 50.3% over the weekend. The rally has been attributed to strategic trading by whales, with reports of a possible insider profiting $2.27 million by timing long and short positions. Despite the weekend's retracement, traders remain optimistic, as ApeCoin's daily perpetuals volume reached $604 million, up 265.6% from the previous day. The long/short ratio indicates a preference for long positions among major traders, suggesting continued bullish sentiment. However, a drop below key support levels could challenge this outlook.