Bored Ape Yacht Club NFTs dip amid moves by Jeffrey Huang

Overall, he sold more than 50 Apes during the last couple of days, as per data from NFT marketplace Blur

The price of Bored Ape Yacht Club non-fungible tokens was tumultuous over the weekend as Jeffrey Huang, also known as Machi Big Brother, began a flurry of Bored Ape sales and then followed up with a number of purchases of non-fungible tokens (NFTs) from the collection.

Overall, he sold more than 50 Apes during the last couple of days, as per data from NFT marketplace Blur. In one transaction alone on Saturday, Huang cashed in 19 Apes at once for 651 Ethereum on Blur, worth nearly $1.2 million, according to the report.

Viewed broadly as one of the top non-fungible tokens collections, the floor price of Bored Ape Yacht Club NFTs has already faced pressure during the last several months, but the collection dipped to its lowest level priced in Ethereum since November 2021 amid Huang’s moves.

For comparison, the floor price for Bored Ape non-fungible tokens culminated at almost 152 Ethereum in April last year. But the so-called “blue chip” non-fungible token collection saw that number recently drop to nearly 33 Ethereum or $62,000, as per NFT Price Floor.

Non-fungible tokens are unique digital tokens linked to the ownership of an item, generally digital art. And the Bored Ape Yacht Club collection is estimated at more than $737 million, second only to Crypto Punks, according to market capitalization.

The Bored Ape Yacht Club collection bounced back to some extent on Sunday after Huang scooped up 14 Bored Apes, buying one non-fungible token from the collection for 41 Ethereum, or more than $77,000. The cheapest Bored Ape presently costs nearly $74,000, a gain of 14% over the past day, according to NFT Price Floor.

Around the time Huang started collecting Bored Apes on Sunday, he tweeted that the “best meme wins an ape,” attaching an image of himself holding a shotgun to be used as a template for creating memes.