- An ApeCoin wallet recently dumped over 180,000 APE.
- APE has continued to trade below the RSI as the price sees a slight respite.
In a potentially significant shift, a wallet that previously held more than 90,000 ApeCoin has now completely sold off its holdings. Is this a deliberate strategic decision or a result of exhaustion? What has been the trajectory of ApeCoin’s trend and performance in recent months?
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Counting the ApeCoin loss
As reported in a recent update from Lookonchain, an ApeCoin wallet took significant action on 23 August by selling off its complete APE holdings. The wallet had initially acquired 93,700 APE tokens in 2022. Subsequently, it purchased 96,276 tokens by spending 749 ETH, an equivalent of approximately $2 million back then.
However, the wallet decided to offload its entire APE stash when the token was valued at roughly $1.51 per token, resulting in a substantial loss of more than $1.5 million.
State of the ApeCoin flow
Examining the ApeCoin inflow and outflow data presented on Santiment’s chart, it became evident that on 23 August, there was a slight dominance of inflow compared to outflow. Specifically, the inflow was documented at over 245,000 tokens, while the outflow was slightly lower, exceeding 244,000 tokens.
This dynamic was influenced by the substantial selling activity originating from the wallet that Lookonchain had highlighted earlier.
Author: Adewale Olarinde
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