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Apecoin dormant wallet moves 4.58m Ape tokens worth $5.22m
The post Apecoin dormant wallet moves 4.58m Ape tokens worth $5.22m appeared on BitcoinEthereumNews.com. A dormant wallet has moved 4.58 million APE tokens worth $5.22 million in the past 24 hours. APE has declined by 9.86% over the past day Over the past month, ApeCoin [APE] has experienced a sustained surge. However, the past day has seen the memecoin decline. This dip on daily charts has brought question over what is causing it and SpotonChain has pointed at dormant whales. Apecoin declines as dormant whales move According to SpotonChain, dormant wallets tied to ApeCoin has transferred 4.58 million Ape tokens, worth approximately $5.22 million, to Wintermute Trading OTC. Source: Spotonchain Since the launch of ApeChain four days ago, three wallets associated with ApeCoin distributor from 2022 have actively moved their APE. As such, these wallets have moved 12.47 million tokens worth $17.54 million to Wintermute OTC. Based on Spotonchain’s observation, these transfers to exchanges have played a major role in the recent market correction. Impact on APE? Usually, when big wallets move their assets into exchanges, it results in speculation and selling pressure, thus driving prices down. As such, in this case, the last 24 hours have seen a sharp decline in Apecoin’s price charts. In fact, at the time of writing, Apecoin was trading at $1.17. This marked a 9.86% decline over the past day. Prior to this, APE was on an upward trajectory, hiking by 64.08% on weekly charts with the memecoin gaining by 44.41% on monthly charts. Therefore, the latest price action shows a shift in market sentiment from bullish to bearish as sellers start to dominate. For example, Apecoin’s supply outside of exchanges has declined over the past week. Since 19th October, investors holding their assets in private wallets have reduced from 866 million to 839.8 million Ape tokens. Source: Santiment This implies that holders are transferring their Ape to…
The post Apecoin dormant wallet moves 4.58m Ape tokens worth $5.22m appeared on BitcoinEthereumNews.com.
A dormant wallet has moved 4.58 million APE tokens worth $5.22 million in the past 24 hours. APE has declined by 9.86% over the past day Over the past month, ApeCoin [APE] has experienced a sustained surge. However, the past day has seen the memecoin decline. This dip on daily charts has brought question over what is causing it and SpotonChain has pointed at dormant whales. Apecoin declines as dormant whales move According to SpotonChain, dormant wallets tied to ApeCoin has transferred 4.58 million Ape tokens, worth approximately $5.22 million, to Wintermute Trading OTC. Source: Spotonchain Since the launch of ApeChain four days ago, three wallets associated with ApeCoin distributor from 2022 have actively moved their APE. As such, these wallets have moved 12.47 million tokens worth $17.54 million to Wintermute OTC. Based on Spotonchain’s observation, these transfers to exchanges have played a major role in the recent market correction. Impact on APE? Usually, when big wallets move their assets into exchanges, it results in speculation and selling pressure, thus driving prices down. As such, in this case, the last 24 hours have seen a sharp decline in Apecoin’s price charts. In fact, at the time of writing, Apecoin was trading at $1.17. This marked a 9.86% decline over the past day. Prior to this, APE was on an upward trajectory, hiking by 64.08% on weekly charts with the memecoin gaining by 44.41% on monthly charts. Therefore, the latest price action shows a shift in market sentiment from bullish to bearish as sellers start to dominate. For example, Apecoin’s supply outside of exchanges has declined over the past week. Since 19th October, investors holding their assets in private wallets have reduced from 866 million to 839.8 million Ape tokens. Source: Santiment This implies that holders are transferring their Ape to…
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