ApeCoin has quickly gained attention as the latest memecoin to see its market cap soar, following in the footsteps of Neiro, which dominated much of the spotlight during the early days of “Uptober.”
However, recent developments suggest a potential shift in focus, with rumors swirling that the ApeCoin project owner may be selling off tokens through market maker Wintermute.
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— Santiment (@santimentfeed) October 22, 2024
Just half an hour ago, the ApeCoin team transferred 3.28 million APE tokens, valued at $5.13 million, to Wintermute’s OTC address. Shortly after, these tokens were re-deposited into Binance, raising speculation about future trading activity.
This comes on the heels of another significant transfer 10 hours earlier, when the ApeCoin Treasury moved 4.6 million APE (worth around $6.95 million) to the same Wintermute address.
$12 Million APE Tokens Deposited Into Binance
Altogether, Wintermute has received APE tokens worth a total of $12.08 million today, all of which have been deposited into Binance. This has raised concerns among some observers, as Wintermute is not only a market maker for ApeCoin but has also seen a surge in trading activity in recent days.
Over the past seven days, APE’s price has nearly doubled, now standing at $1.56. With such frequent trading and significant token movements, many are keeping a close eye on the market to see how these developments will impact ApeCoin’s future performance.
ApeCoin 项目方疑似通过 Wintermute 抛售代币 / 进一步做市👀
半小时前，ApeCoin 团队向 Wintermute OTC 地址转移了 328 万枚 APE，价值 513 万美金，随后代币已被充值进 #Binance
Wintermute 本就是 $APE 做市商，近日交易极其频繁，而 APE 近七天已接近翻倍，现价 $1.56 https://t.co/b8vZ6nVPBL pic.twitter.com/DsuB4ri571
— Ai 姨 (@ai_9684xtpa) October 22, 2024
As the memecoin continues its upward trajectory, questions remain about whether this token activity signals a larger strategy or simply regular market making. Either way, ApeCoin remains a token to watch closely as it navigates this volatile phase.
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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Source: https://nulltx.com/apecoins-market-activity-raises-eyebrows-amid-major-token-transfers/