A “sell” claim has emerged for the altcoin, which has been popular lately but has seen 60 percent depreciation on a monthly basis. Allegedly, the team behind Apecoin (APE) is transferring its coins for sale. Here are the details…
APE treasury sells
ApeCoin has become the focus of on-chain detectives. Because experts noticed unhealthy spending in the ApeCoin treasury. As we have also reported as Kriptokoin.com, the project came to the fore with a catastrophic 60 percent decline in November. After the plunge, most investors’ portfolios have been in trouble for weeks. More than 4.6 million APE tokens worth approximately $19.7 million were moved from the wallet owned by the ApeCoin treasury. Tokens were distributed among various addresses. About 50,000 APE tokens were moved to “0xa29d” while the largest portion of the funds moved were sent to address “0x876c”.
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We did an analysis on address "0xa29d" and found that 5 ApeCoin Treasury wallets transferred $APE to #Coinbase, #Binance, #FTX and #KuCoin through address "0xa29d" for sale. pic.twitter.com/LPURl65g7v
— Lookonchain (@lookonchain) November 30, 2022
As the analysis at “0xa29d” shows, at least five ApeCoin Treasury wallets have taken action. Wallet used as a switch between addresses linked to Coinbase, Binance, FTX and others. According to experts, such a sophisticated scheme could be used to hide someone’s tracks and not make the transfer of funds for sale so obvious. Earlier today, four other ApeCoin Treasury wallets used a similar method to sell their reserves. It had the purpose of sending assets to different addresses on the Blockchain and then moving them to exchanges.
About 99.8 percent of the tokens were transferred to new addresses each time. At first glance, the ApeCoin project appears to be actively selling its assets, trying to hide its tracks by constantly using new addresses before sending money to various cryptocurrency exchanges. APE’s performance in the market confirms this thesis, losing more than 60 percent of its value in a short time.
Altcoin price tries to recover from bottom
Meanwhile, despite a 60 percent rebound from the bottom, APE still has a long way to go before returning to pre-dump levels. Currently, APE is changing hands at $4.05, down 1.8 percent. It dropped to an all-time low of $2.63 on November 14 following the collapse of cryptocurrency exchange FTX. But in its current state, it’s recovered. ApeCoin has risen nearly 58 percent since this low.
30-day APE chartAccording to the latest developments, on November 23, Horizen Labs made an announcement for Bored Ape and Mutant Ape NFT owners, as well as APE owners. Announced updated launch details for ApeCoin staking, which will provide token rewards for users staking their tokens. Horizen will launch the staking interface for users on December 5th, before the rewards will start on December 12.
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