Home Coins Blockchain Bitcoin Ethereum How to Mining NFT Press releases Regulation Most Featured
Coins by Cryptorank

New Development Likely to Cause Massive Apecoin Sell-Off

Author Avatar
By Brennan Forrest - - 5 Mins Read
Thumbnail
Analytics insight |
Apecoin token logo represented as stacks of coins
Analytics insight

Recently, the community of Apecoin (APE) has rejected a proposal that requested the developers of Forever Apes produce about 1000 ApeCoin capsules, including four stickers, one patch, and one poster. The majority of those within the Apes Coin community voted against this decision, which made it a rejected proposal. Although many within the community had supported the proposal, their numbers weren't good enough. 

According to the proposal, the Forever Apes team wanted to increase the token accumulation in the ecosystem and reduce unauthorized sales through unofficial channels. The proposal read, "This proposal presents the idea that the Forever Apes team produce 1000 ApeCoin Capsules. Contents include four stickers, one patch, and one poster.

FREE to claim (plus shipping) to anyone with 20 $APE in their wallet. This encourages token accumulation, furthers $APE brand recognition IRL, and reduces unauthorized sales via unofficial channels. We are requesting roughly 3800 $APE and the use of the ApeCoin logo to do this."

Although those who made this proposal wanted to increase the accumulation of Apecoin in the crypto market, the opposite is currently happening.

Many traders are currently selling off their Apecoins and other altcoins for many reasons. But the selling pressure in the market has led to a steep decline in Apecoin price. 

Huge Selling Pressure for Apecoin 

Apecoin price has decreased drastically after the huge selling pressure in the market. Many traders are selling off their Apecoins or converting them to another cryptocurrency. According to Lookonchain on Twitter, they said that address “0x4BE5 '' transferred 463,137 APE worth over $2.3 billion to Binance. This is obviously a whale selling off its holdings of cryptocurrency. The huge sell-off within the Apecoin ecosystem has led to a negative Apecoin price prediction. 

?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1629344874532315136%7Ctwgr%5Eb7bf9591724e1b3d02028dd98b79a7919b0c71f5%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fambcrypto.com%2Fapecoin-ape-this-latest-development-can-trigger-selling-pressure%2F

In the past week, the Apecoin price has declined by almost 12%, and there are predictions that there might be a further downtrend in price. APE’s Relative Strength Index (RSI) also went below the neutral mark, indicating a bearish trend within the crypto ecosystem. At the time of writing, the Apecoin price has increased by more than 2% within the past 24 hours, but many analysts still expect the token to go down in price because of the huge selling pressure. 

Community Reaction to the New Development 

There were different reactions to the already rejected proposal within the APE ecosystem. Some found the proposal to be a great development for the ecosystem. But many within the community rejected it. 

According to a community member named Moonlyght, "Love the idea. Also could bring potential cash flow to the DAO when structured properly to receive funds (with a sub-DAO or a different legal entity). Also for the first 100 there’s no cost to the DAO and if there’s more demand we can be flexible and move forward with another AIP. Forever Apes are providing value and giving more than what they’re taking, would be a yes for me. Great work!"

But some weren't really enticed by the proposal. Others had huge questions for those behind the proposal. One of them asked, "Figuring out a way to return profits to the DAO might take some time or may not be a viable option considering the regulatory environment. What are your plans for any profits that would be generated before a way is figured out or if the DAO is unable to accept them?" 

Share