ApeCoin: Did APE Suffer from its Treasury Selling its Own Coins?
Before its recent rally, ApeCoin (APE) was one of the worst-performing tokens, losing as much as 60% of its value in November. According to LookOnChain, the decline was caused by the project’s treasury selling its APE reserves. As per the Twitter user, the “ApeCoin treasury has been selling APE in small amounts.” On-chain data shows that ApeCoin Treasury has been selling $APE in small amounts. 1.🧵 Here are some of our findings. — Lookonchain (@lookonchain) November 30, 2022 As per the user, over 4.6 million APE tokens, worth roughly $19.7 million, have been removed from the Treasury’s wallet. The user noted that 4,552,447 APE was sent to the address “0x876c,” and 47,552 APE was sent to the address “0xa29d”. According to LookOnChain, 5 ApeCoin Treasury wallets sent APE tokens to Coinbase, Binance, FTX, and KuCoin through the address “0xa29d” for sale. Such a complex plan could have been utilized to cov...