- The ApeCoin team claimed 4.6 million APE from the treasury allocation.
- Recently claimed APE tokens are a part of the original fixed supply of one billion APEs.
- ApeCoin planned to unlock the treasury allocations over 48 months following a predetermined unlock schedule.
The ApeCoin team recently claimed 4.6 million APE, equivalent to $8.14 million from the treasury allocation, according to Token Unlocks, the digital assets tokenomics data aggregation platform. Token Unlocks revealed this in a recent tweet, sharing details of the particular wallet involved in the transaction.
The recently claimed APE tokens are a part of the original fixed supply of one billion APEs, out of which a significant portion was locked. The locked tokens constitute the ApeCoin treasury allocation comprising APE tokens issued to contributors to the ApeCoin project. After launching in 2022, ApeCoin planned to unlock the treasury allocations over 48 months following a predetermined unlock schedule.
ApeCoin users expect the recent token unlock to increase the circulating supply of APE. That is also expected to impact the market dynamics of APE, especially with the digital token’s current market situation.
APE has been in a classic downtrend since February 2022. After climbing to a yearly high of $6.4 in January, APE’s price reversed and has continued to drop lower. At the time of writing, APE traded for $1.79, marking a drop of over 71% from its yearly high. Some ApeCoin users fear the token unlock could add more selling pressure and push the price lower.
The Web3-focused digital token broke below another support in the past 24 hours after trending sideways for the past two weeks. That move is consistent with APE’s behavior since February this year, signifying sellers’ dominance in a token that has lost over 90% from an all-time high of $26.70.
APE is a utility and governance token created to empower the community surrounding the ApeCoin ecosystem. It is a token to support Web3 developments and the expansion of metaverse technologies. The ApeCoin solution is a decentralized protocol layer for community-led initiatives in the metaverse.
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