$AKE Around 300x from where we started tracking, down 73% from ATH, and 75% of circulating supply changed hands in 24 hours.
We started tracking AKE about 7 weeks ago, when price was sitting in the 0.0005 to 0.0006 range. Back then we were seeing aggressive wallet accumulation onchain. In the earlier post, measured against the ATH at the time of 0.16400, we called it roughly a 90x move.
The move didn't stop there. AKE went on to set a new ATH at 0.1647. Measured from where we started tracking, that's around 300x.
Now the picture has turned hard. Price is at 0.053, down 73% from ATH. Over the last 24 hours the high was 0.1526 and the low 0.0312, a gap of nearly 5x.
The volume is extraordinary. 16.5 billion AKE traded in the last 24 hours. Circulating supply is around 21.9 billion, so 75% of circulating supply changed hands in a single day. OI collapsed 71% over the same stretch, leverage has largely been flushed out.
Right now an ERC1967Proxy contract is distributing to dozens of wallets. The amounts aren't random: figures like 83.333M, 41.667M and 33.333M keep repeating, and those are an allocation split into monthly fractions. In other words, a scheduled vesting distribution. The contract held 9 billion tokens, and 6 billion remain.
There's an important detail here: the wallets receiving the distribution are holding, not sending to exchanges. So the 73% drop from ATH wasn't triggered by these vesting recipients. What carried the drop was the leverage flush, visible in the 71% collapse in OI.
But the real question hasn't been answered yet. 6 billion tokens are still sitting in the contract. That's $267M at current price, and equal to 27% of current circulating supply. On top of that, the 3 billion already distributed are sitting in the receiving wallets.
On the way up, liquid supply was shrinking, and that was the mechanism feeding the move. Now locked supply is being released, so the same mechanism is running in reverse. What decides it is whether the receiving wallets keep holding.