ApeCoin Team Claims Another 4.6M Tokens From Treasury Allocation

The ApeCoin team recently claimed 4.6 million $APE, equivalent to $8.14 million from the treasury allocation, according to Token Unlocks, the digital assets tokenomics data aggregation platform. Token Unlocks revealed this in a recent tweet, sharing details of the particular wallet involved in the transaction.

The recently claimed $APE tokens are a part of the original fixed supply of one billion APEs, out of which a significant portion was locked. The locked tokens constitute the ApeCoin treasury allocation comprising $APE tokens issued to contributors to the ApeCoin project. After launching in 2022, ApeCoin planned to unlock the treasury allocations over 48 months following a predetermined unlock schedule.

ApeCoin users expect the recent token unlock to increase the circulating supply of $APE. That is also expected to impact the market dynamics of $APE, especially with the digital token’s current market situation.

$APE has been in a classic downtrend since February 2022. After climbing to a yearly high of $6.4 in January, $APE’s price reversed and has continued to drop lower. At the time of writing, $APE traded for $1.79, marking a drop of over 71% from its yearly high. Some ApeCoin users fear the token unlock could add more selling pressure and push the price lower.

The Web3-focused digital token broke below another support in the past 24 hours after trending sideways for the past two weeks. That move is consistent with $APE’s behavior since February this year, signifying sellers’ dominance in a token that has lost over 90% from an all-time high of $26.70.

$APE is a utility and governance token created to empower the community surrounding the ApeCoin ecosystem. It is a token to support Web3 developments and the expansion of metaverse technologies. The ApeCoin solution is a decentralized protocol layer for community-led initiatives in the metaverse.