Is ApeCoin Treasury Cashing Out? 4.6 Million APE Offloaded
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.