An ApeCoin wallet recently dumped over 180,000 APE.
APE has continued to trade below the RSI as the price sees a slight respite.

In a potentially significant shift, a wallet that previously held more than 90,000 ApeCoin has now completely sold off its holdings. Is this a deliberate strategic decision or a result of exhaustion? What has been the trajectory of ApeCoin’s trend and performance in recent months?

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Counting the ApeCoin loss

As reported in a recent update from Lookonchain, an ApeCoin wallet took significant action on 23 August by selling off its complete APE holdings. The wallet had initially acquired 93,700 APE tokens in 2022. Subsequently, it purchased 96,276 tokens by spending 749 ETH, an equivalent of approximately $2 million back then.

However, the wallet decided to offload its entire APE stash when the token was valued at roughly $1.51 per token, resulting in a substantial loss of more than $1.5 million.

State of the ApeCoin flow

Examining the ApeCoin inflow and outflow data presented on Santiment’s chart, it became evident that on 23 August, there was a slight dominance of inflow compared to outflow. Specifically, the inflow was documented at over 245,000 tokens, while the outflow was slightly lower, exceeding 244,000 tokens.

This dynamic was influenced by the substantial selling activity originating from the wallet that Lookonchain had highlighted earlier.

Source: Santiment

As of this writing, the inflow figure had decreased to approximately 95,000 tokens, while the outflow remained notably higher, surpassing 240,000 tokens. This consistent pattern indicated that beyond the significant sell-off incident on 23 August, there has consistently been more ApeCoin leaving the exchanges than incoming volume. The observation prompted the consideration that the price trajectory might potentially influence the recent sell-off of APE.

APE price trend

Reviewing the daily timeframe chart for APE revealed a consistent decline that has persisted since the start of the year. According to the price range analysis, the token has experienced a decline exceeding 50% from its peak during the January rally.

APE’s price trajectory has notably underperformed compared to other alternative cryptocurrencies.

Source: TradingView

APE was trading around $1.5 per token as of this writing, displaying a minor downtrend.

How much are 1,10,100 APEs worth today

It’s worth noting that the RSI has consistently remained below the neutral line for a significant portion of the year. This RSI condition underscored the unfavorable price trend that APE has been subject to.

Despite an absence of notable on-chain activities signifying major events, the recent sell-off could be attributed to the holder’s exhaustion. This interpretation aligns with the observed decline in APE’s price and its challenging market conditions throughout the year.

The post Is ApeCoin losing its charm? Here’s a look at the token’s performance appeared first on Crypto News Australia.

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Filed under: Bitcoin - @ August 25, 2023 2:23 am