Apecoin (APE) has witnessed a substantial decrease in value over the past week, mirroring the broader cryptocurrency market’s recent downturn spurred by significant liquidity fluctuations in Bitcoin’s futures markets on August 17th.
During this downward trajectory, blockchain analyst Lookonchain uncovered a noteworthy event involving an APE wallet holder. The holder, who had previously claimed 93,700 APE tokens, spent 749 ETH (equivalent to $2 million at the time) to purchase 96,276 APE tokens at $21 on May 1st, 2022. On August 23rd, the holder sold off their entire APE holdings at $1.51, resulting in a loss of approximately $1.5 million.
As of the latest data, the metaverse token, APE, is trading at $1.42, registering a 12% decline within the past week. Beyond the broader market sentiment, APE’s price slump can be attributed to dwindling demand for the altcoin.
According to insights from IntoTheBlock, the number of addresses engaging in on-chain transactions involving APE has plummeted by 61% over the past week. Additionally, there has been a decrease in new addresses being generated daily for trading APE, with a 68% drop observed during the review period.
