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.
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%.
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.