ApeCoin Sell-Off Follows ApeChain Launch, Triggering Price Correction

ApeCoin is on the move across multiple wallets, suggesting a sell-off that may be driving the recent price correction.

A dormant wallet associated with ApeCoin transferred 4.58 million APE ($5.22 million) to Wintermute Trading OTC, marking one of several notable outflows following the ApeChain launch four days ago.

The price jumped after the ApeChain launch, leading to high-value transactions involving three major wallets that first received APE from the ApeCoin distributor in 2022. These wallets have now transferred a total of 12.47 million APE ($17.54 million) to Wintermute OTC.

The average selling price of APE is $1.407, with a total outflow of 12.467 million tokens, worth $17.541 million.

Source: SpotOnChain

APE’s price has fallen since its peak after October 20. Significant outflows on October 22 and October 24 are contributing to the downward price momentum.

Whale Movements and Liquidity Exchanges Continue

In another transaction, an APE whale unstaked and deposited 7.767 million APE ($11.98 million) into an OKX wallet.

This whale has been active in the APE market since February 2023 and still holds 5.94 million APE ($9.05 million) in staking. However, the whale has reportedly lost $4 million (-6.5%).

Even with high activity around APE, the token’s price has dropped over the last 24 hours. ApeCoin has declined by 5.74%, with its price falling to $0.061056. This downward trend started earlier today and shows no sign of stopping.

Market data from Binance shows that ApeCoin’s price sharply increased, reaching a peak above $1.80 before falling back to $1.17 as of October 24, 2024. Technical analysis suggests that APE is entering a consolidation phase.

The MACD remains bullish, but the histogram is narrowing, potentially signaling weakening upward momentum.

Meanwhile, the RSI sits at 60.82, suggesting the asset remains near overbought territory.