Bored Ape Yacht Club Floor Price Slides to Five-Month Low as Prominent Investor Dumps Holdings

The sell-off was spurred by one of the largest holders of BAYC NFTs.

AccessTimeIconApr 13, 2023 at 4:02 p.m. UTC
Updated May 9, 2023 at 4:12 a.m. UTC

The floor price of the Bored Ape Yacht Club (BAYC) collection has slumped to a five-month low of 55.59 ether (ETH), according to Cryptowatch data.

The slide in non-fungible token (NFT) prices occurred after pseudonymous holder "franklinisbored" said on Twitter that he sold the majority of his collection. On-chain data shows that the user sold at least 27 BAYC NFTs over a 12-hour period, securing 1439.5828 ETH ($2.8 million) in the process.

Franklinisbored explained his decision was due to "unfortunate" real-life issues that prompted him to liquidate his NFTs.

"Due to an unfortunate IRL issue, I have had to sell off a lot of BAYC apes to pay off BendDAO loans while the liquidity was available. I won't get involved in NFT trading/twitter for a while, and will just focus on my private life for the time being with my remaining apes," they wrote.

In a follow-up tweet, the investor elaborated they had fallen victim to a rug pull on a nearly 2,000 ETH investment. They shared that the scam appeared "credible" due to who else had invested in it.

"Someone used our $$ as a casino gambling Ponzi and flushed it down the drain," franklinisbored tweeted. "Please learn any lessons possible from this."

According to data from Etherscan, numerous transactions were made from franklinisbored's wallet to BendDAO, suggesting that his explanation is legitimate.

ApeCoin (APE), the native governance token for the Bored Ape Yacht Club ecosystem, remains flat over the past 24 hours in terms of its dollar valuation despite falling against ether trading pairs, according to CoinDesk data.

UPDATE (April 13, 2023 17:22 UTC): Adds franklinisbored's followup tweet on falling victim to a rug pull.

Edited by Aoyon Ashraf.


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