NFT dealers sell BayC below the minimum price to buy Pepe
NFT dealers sell BayC below the minimum price to buy Pepe
Certain traders recently sold NFTs from the Bored Ape Yacht Collection (BayC) with a discount to invest in the Memecoin-Pepe-which is now in trend.
The asset has recently been one of the best performers on the cryptom market, since its price has increased by over 600 % in the past two weeks before cooling down in the last 24 hours.
Switch from NFTS to Pepe
The popular Twitter user Cirrus Recently revealed that some dealers had sold 14 BayC NFTs at their minimum price on the weekend. They used the 672 ETH (then worth over $ 1.2 million), which they had acquired from the deals to buy Pepe.
The crypto community was somewhat split in this step, with some argued that the handling of the memo coin could be very profitable at the moment. Others believe that the hype around the token has achieved such a high level that an upcoming crash seems inevitable.
cirrus previously claims that people will probably separate themselves from their digital art at the minimum prices to climb into the PEPE ecosystem.
as cryptopotato Last week cryptoval also drawn their attention to Memecoin. One of these owners exchanged WBTC worth $ 590,000, cult worth $ 90,000, uni worth $ 235,000 and ETH worth $ 37,000 (almost all of their assets in this wallet), in order to obtain 1.72 t Pepe.
Pepe developed into a real sensation in the crypto world and increased its market capitalization of less than one million dollars in mid-April (the introductory date) to over $ 1.7 billion (according to CoinmarketCap) on May 5. This is worth mentioning even celebrities joined the general mania. One example is the American rapper Deandre Cortez Way (better known as Soulja Boy), the called he "has gotten through pepe".
Has Pepe lost to steam?
Despite the massive pepe madness and the almost daily price tips, the asset has been in a downward trend in the last 24 hours. The decline takes place a few days after Binance-the world's largest cryptocurrency exchange- listed The coin in its innovation zone.
It remains to be seen whether Pepe will imitate the performance of well-known memoins such as Dogecoin and Shiba Inu, who have attracted a considerable number of investors in recent years. During his highlight in 2021, Doge scored almost $ 0.75 and reached a market capitalization of almost 90 billion. It is currently one of the top 10 largest cryptocurrencies.
Nevertheless, investors should consider that the pepe mania could be a temporary event, which means that it may not be the case to get rich overnight (as most it wish).
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