The floor price of the Bored Ape Yacht Club NFT collection, one of the 2 largest collections in the world, crashed 20% over the past 30 days, partially due to one trader selling 19 NFTs at once.

The floor price of an NFT collection simply describes the price of the cheapest NFT in the collection.

The trader, named Jeffrey Huang or Machi Big Brother, actually sold over 50 apes in the period of a few days. This included one gargantuan trade, selling 19 Bored Ape Yacht Club (BAYC) NFTs for a whopping 651 Ether (worth just over $1.2 million at the time of writing).

While Huang’s trades certainly quickened the price crashes, BAYC and nearly all other blue chip collections have suffered heavily over the past month.

Image Courtesy of Blur.io

Prices started to tumble in mid-June when the floor price for Bored Apes was over 45.5 Ether. By last Friday, the floor crashed through 35 Ether, reaching the lowest point it has reached since November 2021.

Mutant Ape Yacht Club, the offshoot collection of BAYC, is struggling even more than its parent. The floor price of the collection dropped 22% in the past 30 days from 9.44 ETH to 7.37 ETH.

Image Courtesy of Blur.io

The NFT market is well-known for its extreme volatility with prices rising absurdly quickly and falling just as fast. However, blue-chip NFT collections like BAYC, MAYC, CryptoPunks, and Azuki usually don’t lose value this quickly.

Bored Ape Yacht Club’s Decline is Nothing New

While the Bored Ape Yacht Club rarely sees such drastic price crashes, its price has consistently fallen since it peaked in late April 2022. The peak was caused by tremendous hype and excitement around the project’s launch of its Otherdeed NFTs.

The Otherdeeds were the first part of the ambitious plan to build an expansive metaverse game with a built-in economy powered by NFTs and $APE tokens called Otherside. Bored Ape and Mutant Ape holders were able to claim special Otherdeed NFTs.

This caused the price of both collections to skyrocket as traders bought in for the free NFT and held through the claim period. The event also started the downward spiral of both collections because many traders dumped their NFTs as soon as they could after they claimed, causing the floor prices to crash.

Bored Ape Yacht Club reached an incredible all-time high floor price of about 152 Ether, which was worth over $450,000 at the time. In the span of a couple of weeks, the floor price plummeted to 90 Ether. It bounced up to nearly 100 Ether soon after but eventually fell again along with the price of Bitcoin and Ethereum in July.

Image Courtesy of Cryptowatch

The above graph doesn’t even show the collection’s most recent crash below 40 Ether. It has since recovered slightly, nearly reaching the 40 ETH mark again, after Huang bought 14 Bored Apes.

Jeffery Huang vs ZachXBT

Huang isn’t just in the news because of his Bored Ape Yacht Club trades. The influencer and trader is suing the famous Twitter scam sleuth ZachXBT for $1 million over alleged defamation.

ZachXBT wrote an investigative article using on-chain data to back up assertions that Huang embezzled an astonishing 22k Ether through his defunct crypto treasury management platform Formosa Financial.

He claims that Huang and the other co-founder of the platform George Hsieh withdrew the 22,000 ETH that was supposed to be used to run and build the company. Zach provides multiple screenshots of on-chain evidence that supports his claims and the 22k ETH seems to have definitely been stolen by someone.

However, there hasn’t been 100% confirmation that this is all true and Huang and his co-founder are still innocent until proven guilty. The lawsuit may provide more evidence to support either side’s claims soon if it isn’t settled or thrown out before it gets to court.

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