- Jeffrey Huang, also known as Machi Big Brother, sold over 50 Bored Ape Yacht Club NFTs over the weekend, causing a price drop.
- Huang then made several acquisitions from the same collection, which contributed to a slight rebound in the prices.
This weekend witnessed a whirlwind of activity in the Non-Fungible Token (NFT) market surrounding the Bored Ape Yacht Club collection, brought about by Jeffrey Huang, also known as Machi Big Brother. Huang initiated a significant sale of Bored Ape NFTs, followed by a series of purchases from the same collection, causing prices to fluctuate noticeably.
Data from the NFT marketplace, Blur, indicates that Huang offloaded over 50 Bored Apes over the past days. The flurry of sales reached its peak on Saturday when Huang sold 19 Apes in a single transaction for 651 Ethereum, translating to roughly $1.2 million.
Regarded as one of the leading NFT collections, the Bored Ape Yacht Club has experienced pressure on its floor prices over recent months. Huang’s recent moves pushed these prices to their lowest in Ethereum since November 2021. In comparison, the floor price for Bored Ape NFTs stood at approximately 152 Ethereum in April 2022, but recently slid to around 33 Ethereum, or $62,000, as per NFT Price Floor data.
NFTs, unique digital tokens signifying ownership of a digital asset, have reshaped the digital art market. The Bored Ape Yacht Club collection, valued at over $737 million, stands as the second most significant collection in terms of market capitalization, only surpassed by CryptoPunks.
Sunday saw a slight rebound for the Bored Ape collection when Huang acquired 14 Bored Apes, including one NFT for as much as 41 Ethereum, or over $77,000. The most affordable Bored Ape currently trades around $74,000, reflecting a 14% increase over the past day, according to NFT Price Floor.
Huang’s significant Bored Ape transactions occurred shortly before blockchain investigator ZachXBT revealed that he is being sued by Huang for defamation. The lawsuit pertains to an investigative article posted by ZachXBT last year, accusing Huang of embezzling substantial Ethereum sums from a now-defunct crypto treasury management platform that Huang co-founded. ZachXBT characterizes the lawsuit as an attempt to suppress free speech, while Huang asserts that the allegations in the article are untrue and defamatory.