ApeCoin [APE] has been experiencing selling pressure for quite a few days, as was evident from its recent price action. According to CoinMarketCap, APE registered over 14% decline in its price over the last seven days, and at the time of writing, it was trading at $5.05 with a market capitalization of over $1.86 billion. Interestingly, Lookonchain revealed that APE’s buying and staking were on the rise since the collusion months of 2022. 

On 10 February, the largest APE staking address received 300,000 APE from Binance, which was worth $1.7 million. However, during the latest bull rally in 2023, investors sold their tokens at a comfortable margin of profit. This increased selling pressure was the main reason for APE’s recent price decline.

Despite the decline, recent data suggested the possibility of a trend reversal as the selling pressure might come to an end. Lookonchain also pointed out that Machi Big Brother bought 10,000 APE for 52,910 USDT.