Overview

Click to expand overview
Before its recent rally ApeCoin APE was one of the worst-performing tokens losing as much as 60 of its value in November According to LookOnChain the decline was More Than $19 Million Worth Of ApeCoin Disposed. At least five APE treasury wallets were found to have been using one address, referred to as “0xa29d” as a means for relay between other More Than $19 Million Worth Of ApeCoin Disposed. At least five APE treasury wallets were found to have been using one address, referred to as “0xa29d” as a means for More than 4.6 million APE tokens worth approximately $19.7 million have been moved out of the wallet owned by the ApeCoin treasury. Tokens were distributed among A little over 4.6 million ApeCoins worth $19.7 million have been moved out from the project’s treasury wallet and were distributed among various addresses. “0x876c”

Did ApeCoin (APE) Suffer from Treasury Selling? Investigating the $19 Million Dump

ApeCoin (APE) has seen significant volatility, and a key question on investors' minds is: did the ApeCoin treasury's activity negatively impact the token's price? This article delves into recent on-chain data to investigate potential treasury sell-offs and their effect on APE's performance.

Before its recent rally, ApeCoin APE was one of the worst-performing tokens, losing as much as 60% of its value in November. This sharp decline raised concerns, prompting closer scrutiny of ApeCoin's treasury wallets.

On-Chain Analysis Reveals Significant ApeCoin Movement

According to LookOnChain, the decline was linked to More Than $19 Million Worth Of ApeCoin Disposed. This substantial amount of APE moving out of treasury-related wallets ignited speculation about a potential sell-off.

At least five APE treasury wallets were found to have been using one address, referred to as “0xa29d” as a means for relay between other More Than $19 Million Worth Of ApeCoin Disposed. This concentrated movement through a single address raised eyebrows and added to the concerns of potential market manipulation or simply poor planning.

More than 4.6 million APE tokens worth approximately $19.7 million have been moved out of the wallet owned by the ApeCoin treasury. Tokens were distributed among various addresses. Specifically, A little over 4.6 million ApeCoins worth $19.7 million have been moved out from the project’s treasury wallet and were distributed among various addresses. This widespread distribution, originating from the main treasury, further fueled the discussion about the intentions behind these transactions, with the “0x876c” address also being a point of interest for observers.

Impact on ApeCoin's Price

While correlation isn't causation, the timing of the significant APE transfer from the treasury and the subsequent price drop raises valid questions. Whether the treasury actively sold these tokens or simply moved them for operational purposes is still debated, but the market's reaction was undeniably negative. This event highlights the importance of transparency and clear communication from projects regarding their treasury management practices.

Investors should continue to monitor on-chain data and stay informed about the ApeCoin treasury's activities to make informed decisions. Further clarification from the ApeCoin DAO regarding these transactions is crucial to restoring confidence and mitigating potential negative impacts on APE's future performance.

Top Sources

Related Articles