According to Token Unlocks, a digital asset tokenomics data collection platform, the ApeCoin team recently requested 4.6 million APE tokens worth $8.14 million from the treasury allocation. Token Unlocks revealed this with a tweet sharing the details of the specific wallet involved in the transaction.
APE Token Unlock Program Begins
The recently requested APE token is part of a one billion APE fixed supply, a significant portion of which is locked. The locked tokens constitute the ApeCoin allocation, which includes APE tokens given to contributors to the ApeCoin project. After being launched in 2022, ApeCoin plans to unlock treasury allocations over a period of 48 months following a predetermined unlock program.
ApeCoin users are expecting the unlocking of the token to increase the circulating supply of APE. This is also expected to impact the market dynamics of APE, especially the current market situation of the crypto market.
APE Price and Current Status
APE has been in a classic downtrend since February 2022. After reaching its yearly high of $6.4 in January, APE’s price reversed and continued to decline. At the time of writing this article, APE was trading at $1.79, experiencing a decrease of over 71% from its yearly peak. Some ApeCoin users are concerned that the unlocking of the token could create more selling pressure and lower the price.
The Web3-focused token has been trading sideways for the past two weeks and dropped below support in the last 24 hours. This movement is consistent with the behavior APE has exhibited since February of this year, showing the dominance of sellers in a token that has experienced over 90% loss from its all-time high of $26.70.
APE is a utility and governance token created to empower the community surrounding the ApeCoin ecosystem. It has emerged to support Web3 developments and the expansion of metaverse technologies. The ApeCoin solution is a decentralized protocol layer for community-led initiatives in the Metaverse.