ApeCoin [APE]: This latest development can trigger selling pressure

ambcrypto.com:

ApeCoin [APE] recently rejected a proposal that presented the idea of the Forever Apes team producing 1000 ApeCoin capsules, including four stickers, one patch, and one poster.

This proposal was aimed at increasing token accumulation and reducing unauthorized sales via unofficial channels. However, the majority of the ApeCoin community voted against the AIP, hence the rejection.

Interestingly, while this proposal was aimed at increasing APE accumulation, the opposite was happening in the market. 

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

Lookonchain recently posted a tweet, which mentioned that an address “0x4BE5” transferred 463,137 APE worth over $2.3 billion to Binance. 

The address received 512,062 $APE on Dec 6, 2022, Jan 10 and Jan 20, 2023, the average receiving price is $4.74.

And still has 131,222 $APE staked.https://t.co/YnLJCVzotd pic.twitter.com/bGDKxA7Ram

— Lookonchain (@lookonchain) February 25, 2023

The addresses that transferred APE had received the token in the recent past.  This latest APE transfer underlines the possibility of incoming selling pressure, which can push APE’s price down in the coming days. 

At press time, APE had declined by nearly 1% in the last 24 hours. It was trading at $5.07 with a market capitalization of over $1.86 billion.

Well, the anticipation of sell pressure was also revealed by a few of the market indicators, which pointed out that the sellers were in charge of the market, at press time. 

APE’s Relative Strength Index (RSI) went below the neutral mark, which was bearish. On the other hand, the Exponential Moving Average (EMA) Ribbon indicated that the bears