Bored Ape Yacht Club NFTs bobbed in the stormy market seas this weekend as the infamous Jeffrey Huang, aka Machi Big Brother, whipped up a whirlwind of buying and selling within the collection. The result? Well, let’s just say the Ape ship isn’t sinking, but it’s taking on a bit of water.
Over the weekend, Huang unloaded over 50 ‘Apes’ on the NFT marketplace Blur. The pièce de résistance was a transaction of 19 Apes for a whopping 651 Ethereum, equivalent to about $1.2 million as of this minute. Talk about monkey business!
Once atop the NFT food chain, Bored Ape Yacht Club NFTs have seen their floor price sway over the past several months, but never as dramatically as this weekend. Amid Huang’s flurry of transactions, the collection hit its lowest price point in Ethereum since November 2021. To put it into perspective, the price peak for Bored Apes was about 152 Ethereum back in April 2022, but that recently slipped to around 33 Ethereum, or $62,000.
However, there’s some good news for Bored Apes. The NFT collection did manage to recover somewhat on Sunday, with Huang scooping up 14 of the ‘Apes’ at once. The cheapest Ape now sits at around $74,000, a 14% hike compared to yesterday.
The tumultuous trading activities coincide with Huang’s ongoing legal scuffle with blockchain detective ZachXBT, who stands accused of defaming him in an investigative article. Perhaps these NFT maneuvers were Huang’s way of saying, “I’m still here.” After all, in the wild world of NFTs, only the best memes survive.