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Bored Apes Collector Dumps 50 NFTs but Price Rises — What is Going on?

Published June 26, 2023 1:37 PM
Teuta Franjkovic
Published June 26, 2023 1:37 PM
Key Takeaways
  • Collector sold more than 50 NFT BAYCs, selling 19 monkeys from the collection for 651 Ethereum in a single transaction
  • The same collector, Huang, bought 14 Bored Apes a day after making the price more stable
  • Many long-term holders of BAYC have sold their NFTs in the last 10 days

According to CoinMarketCap, the ApeCoin increased by 5.49% during the previous 24 hours, representing an increase of nearly 21,5% over the previous week. Behind this price rise appears to be some interesting moves by Bored Ape NFT holders

A series of transactions started by Jeffrey Huang, popularly known as Machi Big Brother, caused substantial instability over the weekend in The Bored Ape Yacht Club (BAYC), one of the top NFT collections. In the last two days, the famous collector sold more than 50 Bored Apes, with just one sale  on the NFT marketplace Blur  netting 651 Ethereum, or around $1.2 million.

Machi Big Brother’s sale affects BAYC NFT pricing

Huang’s sales had a noticeable effect because only a few days ago, the floor price of Bored Ape Yacht Club NFTs fell to its lowest level in Ethereum since November 2021. This price had already been under pressure recently. According to NFT Price Floor data, the floor price for Bored Ape NFTs peaked in April 2022 at about 152 Ethereum, but it recently dropped to about 33 Ethereum (equal to $62,000).

After Huang purchased 14 Bored Apes on Sunday, paying 41 Ether for one of the collection’s NFTs, the Bored Ape Yacht Club collection’s worth somewhat recovered. The minimum cost of a Bored Ape NFT has climbed by 14% over the past 24 hours, according to the NFT Price Floor.

NFTs are distinctive digital tokens that signify ownership of different things, frequently digital art. With a market worth of approximately $737 million, the BAYC collection is the second-largest behind Crypto Punks.

However, the BAYC collection had a small recovery on Sunday when a collector (presumably again Huang) bought 14 Bored Apes, including one NFT, for up to 41 Ethereum (more than $77,000). According to NFT Price Floor, the cheapest Bored Ape is presently selling for roughly $74,000, a 14% rise in value from the previous day.

Huang tweeted  that the “best meme wins an ape” at this time and posted a photo of himself holding a shotgun as a model for meme development. The famous collector made his well-known Bored Ape trades immediately after blockchain researcher ZachXBT revealed that Huang was suing him for defamation.

The lawsuit is the result of an investigation piece  written by ZachXBT last year that claimed Huang had stolen millions of dollars worth of Ethereum from a now-defunct cryptocurrency treasury management platform. According to ZachXBT, the action is an effort to restrict free speech and is without merit. He responded by soliciting donations totaling more than $1 million to fund his legal defense.

Huang, on the other hand, has angrily refuted the claims stated in the article and asserted that they were created in violation of the law.

NFT Market Targets Recover After Prominent Litigation

The legal issue and the changing circumstances surrounding Huang’s transactions have increased the NFT market’s already high volatility and level of uncertainty. Despite a recent decline, The Bored Ape Yacht Club is still a notable collection with a $737 million market value.

Market factors, investor mood, and continuing developments involving important people like Jeffrey Huang will probably have an impact on its future course.

Such incidents illustrate the necessity for openness, diligence, and caution among participants as the NFT sector continues to develop. Investors and collectors should use caution when navigating this quickly changing environment, regularly watch price movements, and keep knowledgeable about market dynamics.

The rush of transactions started by Jeffrey Huang caused price volatility in the BAYC NFT collection. Although the collection’s floor prices dropped, Huang’s later purchases helped the collection to somewhat recover. The consequences of these incidents highlight the NFT market’s unpredictability and difficulties. Participants must be alert and make wise choices as the market changes in order to maneuver through this dynamic environment.

Gucci Co-Lab

Gucci, an Italian premium high-end fashion brand, said in 2022 that it would begin accepting ApeCoin  (APE). As a result, the currency started to be sold in person at some shops in the United States. Following the 2021 bull market, the Florence-based design behemoth originally began taking cryptocurrencies in an effort to attract more cryptocurrency-friendly clientele. Gucci began accepting payments in additional cryptocurrencies besides Bitcoin and Ethereum, such as Dogecoin and Shiba Inu. Customers of Gucci can make payments via a QR code that is emailed to them.

What’s more, in a significant move, the renowned fashion house Gucci has teamed up with the virtual world “Otherside” from Yuga Labs to debut a highly anticipated partnership that is likely to excite fans of both fashion and art. The rare KodaPendant, an artifact from the Otherside that perfectly combines the digital and physical worlds, is at the heart of this collaboration.

Related Gucci, a Global Fashion Leader, Now Accepts ApeCoin When a significant statement was made by Othersidemeta, the official Twitter account of Yuga Labs’ metaverse, anticipation for this partnership reached its pinnacle. On June 21, 2023, at 10:00 a.m. (ET), a snapshot of KodaPendant owners will be taken, according to a recent tweet. It’s crucial to remember that NFTs purchased after the snapshot won’t give owners the right to demand a physical version of the jewlery.

When a significant statement was made by Othersidemeta, the official Twitter account of Yuga Labs’ metaverse, anticipation for this partnership reached its pinnacle. On June 21, 2023, at 10:00 a.m. (ET), a snapshot of KodaPendant owners will be taken, according to a recent tweet. The possession of a tangible form of the necklace cannot be claimed by holders of NFTs purchased after the snapshot.