Watchlist Watch: Bored Ape Yacht Club NFTs: Weekend Trading Amid Legal Drama | June 25, 2023

Bored Ape Yacht Club NFTs saw significant market activity over the weekend, triggered by Jeffrey Huang, aka Machi Big Brother's, flurry of trades. He sold more than 50 Apes, with one transaction featuring the sale of 19 Apes for 651 Ethereum or approximately $1.2 million. This move impacted the already pressured floor price of the collection, leading it to drop to its lowest Ethereum value since November 2021. However, a slight recovery was observed on Sunday when Huang purchased 14 Bored Apes, causing a 14% increase in the floor price.

In an interesting development, Huang, amidst his trading activities, announced a meme contest on Twitter with a Bored Ape as the prize. This occurred amid his legal battle with ZachXBT, a pseudonymous blockchain investigator who accused Huang of embezzlement in an investigative article last year. While Huang maintains his innocence and alleges defamation, ZachXBT has described the lawsuit as an attempt to suppress free speech. #APE #NFT #Crypto #MarketUpdate #News