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    Home » News » ApeCoin Tanks After Influencer Rage Dumps His Bags

    ApeCoin Tanks After Influencer Rage Dumps His Bags

    By Reethu RaviAugust 10, 2022Updated:February 27, 20232 Mins Read

    ApeCoin prices have fallen, apparently, after tech entrepreneur and NFT whale, Jeff Huang AKA Machi Big Brother, dumped his Yuga Labs assets. The influencer was allegedly upset over a proposed Magic Eden marketplace for Apes by Apes. In the last 24 hours, $APE prices fell 8.23% and is currently trading at $6.70. Here’s all you need to know about why ApeCoin prices are tanking.

    Apecoin
    Magic Eden has proposed building a marketplace for $APE holders.

    Why did Machi Big Brother Dump ApeCoin?

    Metaverse connoisseur, Degentraland tweeted earlier today, “Looks like @machibigbrother is dumping all his @yugalabs assets because he didn’t get his way.”

    Apparently, it all happened after ApeCoin DAO announced the discussion of a possible marketplace for apes, created by Magic Eden, the leading Solana NFT marketplace. Magic Eden’s vision is to create a low-fee marketplace for apes by apes, powered by $APE, with all the rewards going back to the community. 

    In a nutshell, this is where $APE holders will be able to buy and sell ApeCoinDAO NFTs. This includes BAYC, MAYC, and BAKC. Besides, sellers will only have to pay fees as low as 0.75%.

    Degentraland tweet
    Tweet from Degentraland
    via @Degentraland

    ApeCoin also tweeted about the Magic Eden proposal, asking holders to join the discussion. Sharing the tweet, Machi Big Brother wrote, “F*** ApeCoin. I like MagicEden but that’s bullshit they never retweeted X or ApeFi.”

    In a separate tweet, the influencer added, “ApeCoin f***ing governance theater. ApeCoin council corrupt.”

    As of now, Magic Eden has offered to build the marketplace for free. If the DAO puts up the proposal as an ApeCoin Improvement Proposal (AIP), then $APE holders will be able to vote in agreement or disagreement.  We will have to wait to see how the proposal pans out.  

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    All investment/financial opinions expressed by NFTevening.com are not recommendations.

    This article is educational material.

    As always, make your own research prior to making any kind of investment.

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    Reethu Ravi
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    Reethu Ravi is a journalist currently based in the UK, covering environment, sustainability, tech and innovation. When not found between the pages of a book, she can be seen catching up on the latest developments in the tech world. A naval architect-turned-journalist, she loves bringing stories of change and innovation to the limelight.

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