ApeCoin tanks after Dominant Rag drops his bag
The price of ApeCoin has dropped, apparently, after tech entrepreneur and NFT whale, Jeff Huang aka Machi Big Brother, dumped his Yuga Labs assets. Allegedly upset about a proposed Magic Eden Marketplace for Apes by influential Apes. In the last 24 hours, the price of $APE has decreased by 8.23% and is currently trading at $6.70. Here’s what you need to know about why ApeCoin is falling in price.
Why did Machi Big Brother dump ApeCoin?
Metaverse connoisseur, Degentraland tweeted earlier today, “Looks like @maqigbrother is throwing away all his @yugalabs assets because he didn’t get his way.”
Apparently, this all happened when ApeCoin announced discussions about a potential marketplace for DAO Monkeys, created by Magic Eden, the leading Solana NFT marketplace. Magic Eden’s vision is to create a low-cost marketplace for apps by apps powered by $APE, where all rewards go back to the community.
In short, this is where $APE holders will be able to buy and sell ApeCoinDAO NFTs. These include BAYC, MAYC and BAKC. Also, sellers have to pay a fee as low as 0.75% only.
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 love MagicEden but it sucks they never retweeted X or ApeFi.”
In a separate tweet, the influencer added, “ApeCoin f**ing governance theater. The ApeCoin Council is corrupt.”
Until now, Magic Eden offered free marketplace creation. If the DAO puts forward the proposal as an ApeCoin Improvement Proposal (AIP), $APE holders can vote to agree or disagree. We’ll have to wait to see how the proposal pans out.
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This article is educational material.
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