Certain traders have recently sold NFTs part of the Bored Ape Yacht Collection (BAYC) at a discount to invest in the now-trending memecoin – PEPE.
The asset has been among the best performers in the crypto market lately, as its price has surged by over 600% over the last two weeks before cooling off in the past 24 hours.
Shifting From NFTs to PEPE
The popular Twitter user Cirrus revealed recently that some traders had sold 14 BAYC NFTs below their floor price during the weekend. They used the 672 ETH (worth over $1.2 million at the time) acquired from the deals to purchase PEPE.
The crypto community was somewhat divided on that move, with some arguing that dealing with the memecoin at the moment could turn quite profitable. Others believe the hype around the token has reached such a high level that an upcoming crash seems inevitable.
Cirrus has previously claimed that people are likely to part with their digital art below floor prices to enter PEPE’s ecosystem.
As CryptoPotat
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