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Why is ApeCoin’s Price Slipping?

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 “Machi Big 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  Solana NFT marketplace Magic Eden’s idea to build out a BAYC-exclusive marketplace powered by ApeCoin.

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.

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.

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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About The Author
Michelai Graham
Michelai Graham
Michelai Graham is Boardroom's resident tech and crypto reporter. Before joining 35V, she was a freelance reporter with bylines in AfroTech, HubSpot, The Plug, and Lifewire, to name a few. At Boardroom, Michelai covers Web3, NFTs, crypto, tech, and gaming. Off the clock, you can find her producing her crime podcast, The Point of No Return.