ApeCoin has been losing its value on market massively, and now reason is clear
The infamous ApeCoin, which has been a problem in most investors’ portfolios for weeks following a devastating 60% drop in November, appeared in the spotlight after on-chain sleuths noticed the ape’s unhealthy spending behavior. treasury,
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. The largest portion of the moved funds has been sent to the address “0x876c,” while around 50,000 APE tokens were moved to “0xa29d.”
At least five ApeCoin treasury wallets used it as a relay between addresses linked to Coinbase, Binance, FTX, and others, according to on-chain analysis of the “0xa29d” address. Such a sophisticated scheme could have been used to hide one’s tracks and make the transfer of funds for sale not so obvious.
Earlier today, another four ApeCoin Treasury wallets used a similar method of selling their reserves: sending assets to different addresses on the blockchain and then moving them to exchanges. A total of 99.8% of the tokens have been transferred to new addresses every time.
At first glance, the ApeCoin project is actively selling its holdings while trying to hide its tracks by constantly using new addresses before sending the funds to various cryptocurrency exchanges.
The performance of APE on the market confirms this thesis as it swiftly lost more than 60% of its value in no time. Despite a 60% recovery from the bottom, APE still has a long way to go before returning to pre-dump levels.
At press time, APE is barely above the $3 range and has lost 1.4% of its value over the past 24 hours.
