Dramatic price fluctuations hit the Bored Ape Yacht Club NFT market over the weekend, led by high-profile trader Jeffrey Huang, better known as Machi Big Brother. Huang, triggering a rapid-fire sale of the coveted Bored Apes, caused significant ripples in the digital assets market.
Floor price plummets
Huang executed an impressive single transaction involving 19 Bored Apes on the NFT marketplace Blur, netting a sum of $1.2 million. The transaction contributed to a larger selloff in which Huang sold over 50 Apes in total, leading to an evident dip in the floor price of the prized collection.
Yuga Labs has endured increased pressure, as both its APE token and NFT collections, of which BAYC is part, have been falling in price. This recent development has led the BAYC collection to fall to its lowest price, when measured in Ethereum, since November 2021.
While this recent development has certainly had an impact, one question remains: will BAYC see a resurgence or are people finally getting bored?
Not all is lost
Sunday marked a slight bounce-back for the Bored Ape collection as Huang reversed his selling spree, purchasing 14 Bored Apes. The highest-priced Ape was bought for 41 Ethereum, surpassing $77,000. The cheapest Ape is now valued at around $74,000, reflecting an increase of 14% over the past day.
Interestingly, as Huang began purchasing Bored Apes on Sunday, he took to Twitter to announce a competition. He tweeted that the “best meme wins an ape,” inviting users to create memes using an image of himself holding a shotgun.
NFT drama on Twitter
This trading drama follows closely on the heels of Huang’s lawsuit filed against ZachXBT, an investigative blockchain commentator. Huang has accused ZachXBT of defamation, following the publication of an investigative piece last year by the latter.
In response, ZachXBT has dismissed the lawsuit as “baseless” and an assault on free speech. He managed to raise over $1 million in donations for his legal defense, with a contribution of $50,000 from Changpeng Zhao, Binance’s CEO. Meanwhile, Huang has stood by his stance, stating that the accusations are unfounded and that he has been “unlawfully defamed.” The NFT market watches as this intriguing saga unfolds.