ApeCoin (APE) Whales Dump Tokens as Price Corrects 50% From All-Time High

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

ApeCoin (APE) is seeing significant movements across multiple wallets, indicating a potential sell-off that might be driving the recent price correction.

A dormant wallet associated with ApeCoin transferred 4.58 million APE ($5.22 million) to Wintermute Trading OTC, which is part of a series of 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.

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.

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.

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