Is ApeCoin Treasury Cashing Out? 4.6 Million APE Offloaded

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ApeCoin price has appre­ci­at­ed by over 40% since Nov. 18, mak­ing traders and investors hope­ful of a final recov­ery. How­ev­er, recent on-chain data paints a dif­fer­ent pic­ture of APE price. 

While ApeCoin saw an impres­sive run over the last few weeks, the +17.48% week­ly ROI vs. USD tempt­ed many investors to flee. A recent analy­sis revealed some shock­ing truths about the ApeCoin trea­sury that could spell trou­ble for the token’s price. 

Treasury Cashing Out 

ApeCoin appeared to be in trou­ble after on-chain inves­ti­ga­tors found some unusu­al trans­ac­tions by ApeCoin Trea­sury. Lookon­chain, a smart mon­ey track­ing and on-chain analy­sis account, recent­ly dis­cov­ered that the ApeCoin trea­sury has been sell­ing APE tokens in small amounts. 

In a series of tweets, they revealed that a wal­let of the ApeCoin trea­sury trans­ferred 4.6 mil­lion APE, worth $19.7 mil­lion, in the ear­ly hours of Nov. 30. From the looks of it, a con­sid­er­able amount of APE tokens were dis­trib­uted among var­i­ous addresses. 

Five ApeCoin Trea­sury wal­lets trans­ferred APE to Coin­base, Binance, FTX, and KuCoin through the address “0xa29d” for sale.

In addi­tion, around the same on Wednes­day, anoth­er four ApeCoin trea­sury wal­lets used the same method to sell APE. These wal­lets sold near­ly 20,000 APE worth $85,399.

They trans­ferred 99.8% of the APE to a new address every time and then moved 0.2% of the APE to exchanges for sale. 

Besides that, Jef­frey Huang, also known as Machi Big Broth­er, sold 150,000 APE worth $631,295 at an aver­age sell­ing price of $4.21. The NFT whale has been observed to buy APE at low­er price and sell when it pumps. 

The mas­sive APE sell­ing that took place recent­ly can sig­nif­i­cant­ly impact APE price action. 

How Is APE Price Reacting?

APE price was still up by 23.80% on the week­ly win­dow, but the recent sell-offs can spell trou­ble for APE price action. Tak­ing a look at the token’s on-chain met­rics can help assess where the price is going in the short term. 

The exchange flow bal­ance has main­tained in the pos­i­tive, pre­sent­ing more exchange inflows which is a bear­ish trend. 

APE Exchange flow balance and Active deposits | Source: Santiment 
APE Exchange flow bal­ance and Active deposits | Source: San­ti­ment 

How­ev­er, active deposits plateau­ing and inflows dom­i­nat­ing it sug­gest that tokens were being sent to exchanges – a bear­ish trend. 

Over the last week, APE price wit­nessed an over 40% surge fol­low­ing the release of final stak­ing details and the offi­cial ApeCoin NFT mar­ket­place roll­out. With the price gain­ing momen­tum, many short-term par­tic­i­pants could have decid­ed to take profits. 

Look­ing at the In/Out of Mon­ey Around the Price indi­ca­tor for APE, it was clear that while bears loom over price action, the $4.00 mark could offer relief to hold­ers. The $4.07 mark, where 1,080 address­es hold 15.59 mil­lion APE tokens, can be a good sup­port level. 

In/Out of Money Indicator Around the Price APE
In/Out of Mon­ey Indi­ca­tor Around the Price | Source: IntoThe­Block

How­ev­er, a pull­back below the $4 mark can spell trou­ble for the token espe­cial­ly after the recent sell-offs. 

Dis­claimer: BeIn­Cryp­to strives to pro­vide accu­rate and up-to-date infor­ma­tion, but it will not be respon­si­ble for any miss­ing facts or inac­cu­rate infor­ma­tion. You com­ply and under­stand that you should use any of this infor­ma­tion at your own risk. Cryp­tocur­ren­cies are high­ly volatile finan­cial assets, so research and make your own finan­cial decisions.

Disclaimer

All the infor­ma­tion con­tained on our web­site is pub­lished in good faith and for gen­er­al infor­ma­tion pur­pos­es only. Any action the read­er takes upon the infor­ma­tion found on our web­site is strict­ly at their own risk.



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