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Large-scale promotions and price fluctuations in the BAYC NFT

CRYPT —The Bored Ape Yacht Club NFT price floor, which was already under pressure in recent months, fell to its lowest in Ethereum since November 2021. This was the first time this had happened since November 2021. According to the statistics provided Per NFT Price Floor, Bored Ape NFT price floor hit its all-time high of around 152 Ethereum in April 2022, but has since fallen to around 33 Ethereum, which is equivalent to $62,000.

NFTs, also known as non-fungible tokens, are one-of-a-kind digital tokens that represent ownership of a variety of goods, most commonly digital art. After Crypto Punks, the BAYC collection comes in second with a market capitalization of nearly $737 million, making it the second largest collection overall. On the other hand, the BAYC collection saw a partial rebound on Sunday when Huang bought 14 Bored Apes and one NFT from the collection for up to 41 Ethereum, which equates to nearly $77,000. According to NFT Price Floor, this has the effect that the price of the cheapest Bored Ape is currently close to $74,000. This is an increase in value of almost 14% compared to the previous day.

Meanwhile, Huang took to Twitter and announced that “the best meme wins a monkey”. He also posted a photo of himself holding a shotgun as a template to use to create his own memes. These high-profile exchanges of Bored Ape by Huang took place shortly after blockchain investigator ZachXBT revealed that he was being sued for defamation by Huang.

The case is based on an investigative report released by ZachXBT the previous year. In the article, it was alleged that Huang stole tens of millions of dollars worth of Ethereum from an idle cryptocurrency cash management platform he co-founded. ZachXBT said the lawsuit had no merit and was an attempt to limit free speech. In retaliation, he solicited contributions totaling more than a million dollars to finance his legal defense. On the other hand, Huang flatly rejected the claims made in the article, arguing that they constitute unwarranted defamation.

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