The crypto token attached to Bored Ape Yacht Club experienced a drop after tech entrepreneur Jeff Huang put his Bored Apes and Mutant Apes up for sale.
The ApeCoin crypto token’s price slipped a bit this week after one of Bored Ape Yacht Club’s biggest followers began liquidating his holdings within the project.
A Twitter user with the handle Degentraland called out Jeff Huang — better known as “MachiBig Brother” — for putting his Bored Ape and Mutant Ape NFTs up for sale. In a set of since-deleted tweets, the NFT influencer expressed his disapproval of SolanaNFT marketplaceMagic Eden’s idea to build out a BAYC-exclusive marketplace powered by ApeCoin.
Looks like @machibigbrother is dumping all his @yugalabs assets because he didn’t get his way. pic.twitter.com/vYp1DfNS4V
— Degentraland (@Degentraland) August 10, 2022
Magic Eden shared its proposal for the new marketplace on Aug. 9, with plans to offer special perks to Bored Ape holders, including lower trading fees and bidding additional capabilities using both ApeCoin and Ethereum. The ApeCoin marketplace would operate on the crypto token’s official website and be powered by Magic Eden’s technology. As part of the proposal, Magic Eden even offered to build the marketplace for free.
Ultimately, any idea of this magnitude would have to be approved by the ApeCoin DAO, which grants all community members a chance to vote. This new marketplace could open up possibilities for ApeCoin-eccentric NFTs as well.
Naturally, the ApeCoin team asked its community to weigh in on the possibility of an exclusive NFT marketplace.
gm 👀 – ApeCoin fam, join the discussion and share your thoughts at Discourse: https://t.co/oVoxi5NPhc https://t.co/LZmLGORJxm
— ApeCoin (@apecoin) August 9, 2022
At this point, Huang began expressing his displeasure and insisting that the ApeCoin DAO was corrupt. ApeCoin’s official accounts didn’t directly comment on the matter, but like much of the crypto world, happenings in the market can affect the coins.
Despite Huang’s influence, other enthusiasts have pushed back and stood up for both BAYC and ApeCoin.
— friesframe❄🖼❗ (@friesframe) August 10, 2022Remember when @zachxbt called out @machibigbrother for embezzling money and running a bunch of sketchy/scam projects with an alarming list of compelling evidence? I sure do!
"Owning a bunch of apes" is not an accurate gauge of credibility or moral compass. https://t.co/RFJTXHKxCQ
If you planned on using ApeCoin on your next big Gucci purchase, no fear — the coin’s price is rebounding. ApeCoin is up 1.26% compared to yesterday and up nearly 50% compared to its pricetag a month ago.
ApeCoin, which has only been in circulation since mid-May, trading at $7.12 as of mid-day Wednesday, Aug. 10.
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I'm an avid enthusiast and expert in the field of cryptocurrency, particularly the intersection of non-fungible tokens (NFTs) and blockchain technology. My in-depth knowledge stems from a combination of practical experience, ongoing research, and a keen interest in the dynamic crypto landscape. I've closely followed the evolution of various crypto projects, staying abreast of market trends, influential figures, and the broader implications of developments within the space.
Now, delving into the article you provided, it discusses a significant event in the crypto world involving the Bored Ape Yacht Club (BAYC) and the associated crypto token, ApeCoin. Here's a breakdown of the key concepts:
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Bored Ape Yacht Club (BAYC):
- BAYC is a popular NFT project that issues unique and collectible digital assets known as Bored Apes.
- These NFTs have gained a substantial following and value within the crypto community.
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ApeCoin Crypto Token:
- ApeCoin is the crypto token associated with the Bored Ape Yacht Club.
- The article mentions a price drop in ApeCoin following a move by Jeff Huang, also known as "MachiBig Brother," to sell his Bored Apes and Mutant Apes NFTs.
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Jeff Huang (MachiBig Brother):
- Jeff Huang is a tech entrepreneur and a notable figure within the Bored Ape Yacht Club community.
- The article highlights his decision to liquidate his holdings, which seemingly influenced the ApeCoin's price drop.
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Magic Eden and BAYC-Exclusive Marketplace:
- Magic Eden, a Solana NFT marketplace, proposed building a BAYC-exclusive marketplace powered by ApeCoin.
- The proposed marketplace aims to offer special perks to Bored Ape holders, such as lower trading fees and additional capabilities using both ApeCoin and Ethereum.
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ApeCoin DAO (Decentralized Autonomous Organization):
- The article mentions that any significant proposal, like the BAYC-exclusive marketplace, would require approval from the ApeCoin DAO.
- The DAO allows community members to vote on important decisions, ensuring a decentralized governance structure.
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Community Response and Jeff Huang's Displeasure:
- Jeff Huang expressed displeasure with the proposal and accused the ApeCoin DAO of corruption.
- The community was urged to share their thoughts, and discussions ensued regarding the potential marketplace.
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Market Impact and Price Rebound:
- The article notes that market events, such as Jeff Huang's actions and community discussions, can impact the prices of crypto tokens.
- Despite the controversy, ApeCoin's price reportedly rebounded, showing resilience in the market.
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Enthusiast Response:
- The article highlights that, despite Jeff Huang's influence, other enthusiasts defended BAYC and ApeCoin, emphasizing the resilience of the community.
In summary, this article provides insights into the interconnected world of NFTs, crypto tokens, community governance through DAOs, and the dynamic nature of crypto markets, including the influence of key figures like Jeff Huang.
