The value of ApeCoin ($APE) has seen a sharp decline following reports that the project owner may have sold a significant amount of tokens through Wintermute on October 22.

As a result, the price of $APE dropped to $1.209, marking a 14.27% decrease in the last 24 hours alone. This sudden downturn has sparked speculation that the project’s owner has indeed offloaded their tokens.

In the past four hours, Wintermute has transferred an additional $5.86 million worth of $APE to Binance, raising eyebrows in the crypto community.

This latest movement is part of a larger trend observed over the past week, during which Wintermute has sent a total of 8.79 million APE tokens (equivalent to roughly $11.39 million) to the exchange.

This represents a staggering 61% increase in token transfers over the last seven days.

Apecoin Large Scale Sell, Price Drop And Activity

The major shift appears to have started on October 21, when the ApeCoin treasury was suspected of engaging in a large-scale sell-off. Since then, the token’s value has plunged by 34%, falling from $1.73 to as low as $1.14. This continuous decline has raised concerns about the future of ApeCoin, as market participants speculate on the potential motivations and implications behind these recent transactions.

As traders and investors continue to watch developments closely, the market remains uncertain about what the future holds for $APE in the wake of these suspicious movements.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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