Bored Apes Take a Beating Amid Famed Collector’s $1.2M Selloff

As $1.2M worth Bored Apes NFTs get dumped in one batch transaction, the apes are grinding their teeth.

Bored Ape running away from a camo soldier.
Created by Kornelija Poderskytė from DailyCoin
  • Bored Apes NFT price floor dipped below 35 ETH on Saturday.
  • Machi Big Brother sells a large number of Apes, and pens a proposal for ApeCoinDAO.
  • Community-owned Apecoin (APE) reaches bullish divergence.

Machi Big Brother, the renowned digital art collector, sold off over 50 Bored Ape Yacht Club (BAYC) NFTs last weekend. One batch transaction on Saturday included 19 BAYC NFTs, totaling a whopping $1.2 million. All these transactions occurred on Blur.io, which is a serious challenge for OpenSea in NFT trading volume.

Simultaneously, Machi Big Brother penned a proposal to ApeCoinDAO, the decentralized autonomous organization collectively regulating ApeCoin (APE), the primate themed memecoin inspired by no other than the Bored Ape Yacht Club (BAYC).

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Despite falling sharply after the U.S. Securities and Exchange Commission (SEC) dropped a double lawsuit against the two largest crypto exchanges in the world, ApeCoin broke through the bullish divergence last week to enter the TOP 50 by global market capitalization this Monday. At press time, ApeCoin (APE) is changing hands at $2.42, with 17% gains in the last seven days.

Can Bored Apes Climb Back to the Top?

The massive sell-off had bumped the Apes back to November 2021 levels before the Bored Apes franchise by Web3 startup Yuga Labs took off and received some public recognition. To illustrate, famous American rappers Snoop Dogg and Eminem dropped a Bored Apes-themed performance at the MTV Video Awards, while actor Seth Green started writing a script for a show based on his trademarked Apes. Thiose days were truly the Golden Era of the Apes.

However, the Bored Ape NFT floor price is now just 37.249ETH, a far cry from the 153 Ethereum (ETH) floor price on May 1st, 2022, before the Terra Luna crash. Prominent members of the Bored Ape community see fault in Blur.io farming, as JBond pointed out in a detailed Twitter thread. While trading BAYC and MAYC on Blur.io whips up a trading volume larger than OpenSea’s, trading for points could reduce the collection’s market value in the long-term.

The Worried Ape community is looking for a hero to save the day. Several BAYC members asked Greg ‘Crypto Garga’ Solano about the next moves of Yuga Labs, the parent company of Bored Apes. While Mr. Solano, the co-founder of Yuga, assured the crowd that he’s putting all the effort and is “bald & meetings 24/7,” the lawsuits surrounding the Web3 company could have taken a toll on the public appetite for more Apes.

On the Flipside

  • Jeffrey Huang, a.k.a Machi Big Brother, also purchased some new NFTs from the Bored Ape collection and declared a contest to give away a free ape for the best meme.
  • Shortly after, Machi Big Brother posted a selfie with his brother and added: “Best selfie gets an ape. I’m a simp and love to eat catfish.”

Why This Matters

Bored Ape Yacht Club is among the most successful blue-chip NFT collections ever.

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.