- Bored Ape Yacht Club founder Greg Solano returned as CEO.
- Yuga Labs has acquired Proof, the startup behind the Moonbirds NFT collection.
Bored Ape Yacht Club has undergone a leadership change, with founder Greg “Garga” Solano taking over as CEO from Daniel Alegre, who had been in the role for less than a year.
In a message on XSolano expressed his enthusiasm to guide the company through its next chapter together with co-founder Wylie Aronow.
However, the nature of Alegre’s future within the company remains uncertain, with no confirmation of departure or transition to another role.
New changes
Solano’s return coincided with Yuga Labs’ acquisition of Proof, a digital art-focused startup behind the Moonbirds NFT collection.
The plan is to integrate Moonbirds into the upcoming Otherside metaverse game and integrate Proof’s art focus with existing collections such as CryptoPunks and TwelveFold.
However, Proof’s acquisition sparked mixed reactions among Bored Ape NFT holders, reflecting broader sentiments surrounding the company’s recent moves.
Bored Ape Yacht Club token prices peaked in April 2022, but have experienced a significant decline since then, reflecting the general trend in the NFT market.
Interestingly, the competing Pudgy Penguins collection briefly surpassed Bored Ape Yacht Club in floor price, marking the cost of the cheapest listed NFT on the market.
Pudgy Penguins witnessed a substantial five-fold increase in value over the past three months, in contrast to the relatively stagnant performance of the Bored Ape Yacht Club collection.
Source: NFT floor price
How is ApeCoin doing?
These developments also had a negative impact on ApeCoin, a sign associated with the Yuga Labs cohort. At the time of writing, APE was trading at $1.69 and the price was down 4.00% in the last 24 hours.
The percentage of large APE holders has also fallen. This suggested that whales were selling their possessions. The trend signals a potential lack of confidence among influential investors, leading to a decline in overall market sentiment.
Read APE’s 2023-2024 price forecast
The increased selling pressure from whales contributes to higher price volatility, making the market less attractive to new entrants.
Furthermore, the sudden influx of tokens into the market could result in liquidity issues, causing prices to fall further. This negative feedback loop can continue without positive developments that can offset the selling pressure.
Source: Santiment