Renowned NFT collector Jeffrey Huang, popularly known as Machi Big Brother, set off a storm of activity around Bored Ape Yacht Club (BAYC) NFTs over the weekend. The series of sales and subsequent purchases from the collection initiated by Huang led to noticeable turbulence in the NFT’s pricing.
According to data from Blur, a well-known NFT marketplace, Huang sold over 50 ‘Apes’ within the past few days. On Saturday alone, Huang executed a single transaction selling 19 Apes for 651 Ethereum, equating to around $1.2 million at the time of the trade.
BAYC NFTs, regarded as one of the top NFT collections, have seen their floor price under pressure over the past several months. Huang’s recent transactions pushed the collection to its lowest Ethereum price point since November 2021. To offer some perspective, the floor price for Bored Apes hit a high of about 152 Ethereum in April 2022. The so-called “blue chip” NFT collection recently slipped to around 33 Ethereum or $62,000, as per NFT Price Floor.
Despite the recent dip, the Bored Ape Yacht Club collection remains robustly valued at over $737 million, second only to Crypto Punks in market capitalization among NFTs.
Sunday brought a bit of a rebound for the BAYC collection. Huang purchased 14 Bored Apes, with one NFT in the collection acquired for as much as 41 Ethereum or over $77,000. The least expensive Bored Ape currently stands at approximately $74,000, marking a 14% increase within a day, according to NFT Price Floor.
While carrying out these transactions, Huang announced on Twitter that the creator of the “best meme” would win an ape, stirring further interest in the NFT space.
This commotion comes on the heels of a lawsuit, disclosed by blockchain analyst ZachXBT, wherein Huang is suing him for defamation concerning allegations of embezzlement from a crypto treasury management platform.