• Tue. May 28th, 2024

Around 4.6M $APE Sold Overnight; Treasury Cashing Out?

Nov 30, 2022
  • ApeCoin Treasury transferred roughly 4.6 million APE tokens (worth $19.7K) in early 30 November.
  • APE price increased by 23.8% over the past seven days.
  • $4.07 (where 1080 wallets hold 15.59M APE Coins) could present reliable support.

ApeCoin has seen its price increase by more than 40% since 18 November, making traders and investors hopeful for eventual recoveries. Nevertheless, the latest on-chain data reveals a different APE price outlook.

While ApeCoin (APE) witnessed an attractive run within the past few weeks, its more than 17.48% seven-day ROI v USD lured most investors to flee. The latest analysis confirms some disturbing truths about the project’s treasury that might lead to woes for APE’s price.

Treasury Cashing Out

ApeCoin seemed doomed after an on-chain analysis observed some abnormal transactions from APE Treasury. An on-chain analytic and ‘smart’ money tracking account, Lookonchain, recently found that the APE Treasury has been selling coins in small amounts.

The platform tweeted that ApeCoin treasury’s wallet transferred tokens worth $19.7 million (4.6 million APE) early on 30 November. It seems the transaction involved distributing a substantial token amount among several addresses.

Five ApeCoin Treasury addresses transferred tokens to Binance, FTX, KuCoin, and Coinbase via the “0xa29d” wallet for sale. Also, four APE Treasury addresses sold APE through that method. They sold approximately 20,000 APE (worth $85,399). They transferred around 99.8% of the assets to a new wallet before moving 0.2% of APE to the exchanges for sale.

Besides that, Jeffery Huang (known to others as Machi Big Brother) sold 150K APE (worth $631,295) at a $4.21 average selling price. The non-fungible token (NFT) whale has purchased ApeCoins at lower prices & sold amid price pumps. The massive selling that ApeCoin saw recently may substantially affect APE’s price action.

APE Price Response?

APE gained 23.80% over the past week, but the latest sell-offs might prove troublesome for APE’s price action. Evaluating the asset’s on-chain index might help analyze the near-term price direction. Meanwhile, the exchange balance remained positive, displaying increased exchange inflows – a bearish bias.

Moreover, plateauing deposits and dominating inflows show tokens leaving exchanges – a pessimistic trend.

Editorial credit: David Esser / shutterstock.com

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