- On-chain activity for APE revealed that ApeCoin Treasury wallets have been selling APE.
- Analysis done by Lookonchain discovered that there are 5 APE Treasury wallets selling APE.
- The price of the token has risen 2.28% over the last 24 hours.
The Twitter user, Lookonchain (@lookonchain), shared some on-chain activity for ApeCoin that shows that the project’s treasury has been selling APE off in small amounts.
The first bit of on-chain activity shared in the multi-threaded tweet is that a wallet linked to ApeCoin Treasury transferred 4.6 million APE today. At current prices, this is around $19.7 million.
As can be seen by the screenshot of Etherscan shared by Lookonchain, 4,552,447 APE was transferred to address “0x876c” and 47,552 APE was transferred to address “0xa29d”.
After performing some analysis on address “0xa29d”, Lookonchain found that 5 ApeCoin Treasury wallets transferred APE to Coinbase, Binance, FTX, and KuCoin through the address “0xa29d” for sale.
Meanwhile, it was also uncovered that there were 4 ApeCoin Treasury wallets that used the same method to sell APE. These wallets would “transfer 99.8% of the APE to a new address every time, and then transfer 0.2% of the APE to exchanges for sale.”
The Twitter thread concludes by stating that the 4 ApeCoin Treasury wallets sold approximately 20,000 APE in total. At current prices, this is around $85,399.
Despite the sell-off by these treasury wallets, APE’s price was still able to climb 2.28% over the last 24 hours, according to CoinMarketCap. This has elevated the token’s price to $4.22 at press time. The 24-hour trade volume for APE has dropped, however, by 30.74%. This takes the total daily trade volume down to $224,789,387.
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