ApeCoin drops 9.86% after large wallet transfer
– ApeCoin (APE) saw a price drop of 9.86% in the last 24 hours.
– An inactive wallet transferred 4.58 million APE tokens worth 5.22 million USD.
– These movements led to increased selling activity and price pressure on APE.
– Market speculation that drove the price surge last month seems to be cooling off.
Inactive Wallet Movements Weigh on ApeCoin
In the past 24 hours, 4.58 million ApeCoin (APE) worth 5.22 million USD were transferred from a previously inactive wallet. These transactions were forwarded to Wintermute Trading OTC, resulting in a significant price drop of 9.86%. Prior to this decline, ApeCoin had been in an upward trend, which had pushed the price up by more than 64% over the past few weeks.
Why Do Large Wallet Movements Affect the Market?
When large wallets, often referred to as “whales,” transfer their tokens to exchanges, it often leads to selling pressure. This is because the market speculates that these tokens will be sold, causing a price drop. In this case, three wallets associated with ApeCoin distributors from 2022 transferred a total of 12.47 million APE worth 17.54 million USD. These movements have significantly contributed to the recent price decline.
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Impact on the APE Price
The increased transfers of APE tokens to exchanges have heavily weighed on the price of ApeCoin. At the time of writing, the price stands at 1.17 USD, representing a drop of nearly 10% in just one day. Just a few days ago, APE was benefiting from a strong upward trend, triggered by the introduction of ApeChain and the associated market speculation.
Declining Demand and Activity
Interestingly, the number of active wallets holding ApeCoin has also decreased in recent days. Since October 19, the number of tokens held in private wallets has dropped from 866 million to 839.8 million. At the same time, the number of ApeCoin available on exchanges has risen from 134 million to 162 million. This suggests that many investors are preparing to sell their holdings.
Additionally, the number of daily active addresses trading ApeCoin has significantly decreased. From 18,872 active addresses, the number has fallen to just 985. This indicates that fewer investors are participating in ApeCoin trading, which points to decreasing demand.
What Does This Mean for the Future of ApeCoin?
The recent developments suggest that the market speculation driving ApeCoin’s price surge last month is fading. If this trend continues, the price of APE could fall to 0.872 USD. However, if this is merely a short-term market correction, ApeCoin could once again reach the resistance level of 1.35 USD.
Our Assessment
The current movements in the ApeCoin market show how significantly large wallet transfers can impact the price. The fact that many investors are transferring their holdings to exchanges indicates a possible wave of selling. At the same time, demand is decreasing, which could further weigh on the price. It remains to be seen whether the market will stabilize or if further price declines are ahead. Those invested in ApeCoin should closely monitor market developments and wait for potential new catalysts.
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