Major holder sells Bored Ape Yacht Club NFTs worth nearly $3M
Highlights
- Bored Ape Yacht Club NFTs have experienced a significant drop in price after a major holder sold 27 of them, worth nearly $3M, to pay off BendDAO loans.
- Over 1,000 Bored Apes pledged as collateral on lending protocols, indicating how overleveraged the NFT ecosystem is.
- More than 100 Apes have been put on the Health Factor Alert List, meaning they’re close to being liquidated through the auction process.
- While ETH rallies over 5% in the past week, leveraged traders can’t afford to see their NFT prices drop too much.
- The price drop underscores the fragility of the collection’s market.
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