Connect with us


ApeCoin revealed its stance on the FTX episode, but will it do any good?



ApeCoin revealed its stance on the FTX episode, but will it do any good?
Source: Unsplash

  • ApeCoin’s treasury is held in segregated custody accounts via Coinbase Custody.
  • Several influencers sold their APE holdings before the price plummeted.

In the latest tweet, ApeCoin [APE] revealed its status regarding the FTX episode. Reportedly, the Ape Foundation does not hold any assets on FTX.  The treasury has been held in segregated custody accounts via Coinbase Custody.

Furthermore, ApeCoin highlighted the importance of segregated custody. According to the ApeCoin team, when functioning at an institutional level, segregated custody is not only customary procedure, but it also significantly lowers key risks, especially when a sizable treasury is involved. 

Read ApeCoin’s [APE] Price Prediction 2023-24

This may have caused the fall

The FTX episode affected the entire crypto market, and APE was no exception. The altcoin registered a 32% decline in its price over the last week. The price touched a crucial mark at $2.65, thus giving chills to the investors.

Interestingly, it was found out that several influencers sold their APE holdings before the price crash. 

For instance, j1mmy.eth, the founder of Avastars NFT, received an airdrop of 809,500 APE ($6.9 million at the time) and hosted all the APE to address “0x39b5.” Later, on 7 and 9 November, he sold 638,000 APE ($2.3 million) at $3.61.

Surprisingly, at the time of writing, APE showed a few signs of recovery as its price went up by over 4% in the last 24 hours and was trading at $2.91 with a market capitalization of more than $2.91 million. 

Can this help?

Not only did APE’s price go up, but the whales also showed interest in the token. APE was one of the top 10 purchased tokens among the top 500 ETH whales. This was a piece of good news as it showed the confidence of whales in the alt. 

Let’s have a look at ApeCoin’s on-chain metrics to better understand what might be in store for APE in the days to follow.

According to Santiment’s data, APE’s MVRV Ratio registered an uptick, giving further hope to investors for a continued price hike. APE’s network growth also increased when compared to the last week, which is yet another positive signal.

Source: Santiment

Moreover, ApeCoin’s NFT space witnessed growth over the last week as its total NFT trade count and NFT trade volume in USD went up.

Nonetheless, both metrics declined over the last two days. APE’s social volume also followed a similar route. Considering all the positives and negatives, it is quite difficult to find out what may be ahead, therefore caution is advised.

Source: Santiment

Read the best crypto stories of the day in less than 5 minutes

Subscribe to get it daily in your inbox.

Please select your Email Preferences.

Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot's writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S - There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/

Disclaimer: AMBCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.