A trader invests 2 million Dollars in Bored Apes as the co-founder reassumes the role of CEO

Crypto News– Yuga Labs, the entity driving the Bored Ape Yacht Club, initiated a series of significant maneuvers signaling a shift in the status quo, following a brief dip in floor price compared to the Pudgy Penguins.

A trader invests 2 million Dollars in Bored Apes as the co-founder reassumes the role of CEO

The first move involved acquiring Proof Collective, swiftly followed by a substantial reshuffling of leadership, with Greg Solano, former CEO and co-founder of Yuga Labs, reinstating himself as CEO.

Just before Solano’s announcement, a trader made a bold move by leveraging a $2 million position in the Bored Ape NFT collections, sparking concerns on social media regarding potential insider knowledge of Solano’s impending action.

“We want to unshackle the BAYC team at Yuga as much as possible to execute against its vision. More focus, more agility. So it can do the above, and create the space for the magic and crazy shit we used to get up to more often,” said Solano in a post on X.

These developments, occurring in a market slowly awakening from its bearish state, signify a crucial moment for BAYC and the broader NFT community. In the days leading to Solano’s statement, wallet address 7f4c received 507 Ether from OKX, Bybit, and Binance, funneling it all into the Blur bidding pool. Subsequently, the wallet purchased 30 Bored Apes over a few days, totaling around $2 million at current floor prices, with the last acquisition happening just hours before Solano’s announcement on February 23.

The average purchase price for the Apes was 21.8 Ether, resulting in a modest 2% gain overall based on current floor prices. However, at the local peak of 24.4 Ether, the trader enjoyed a 12% gain. Using these Bored Apes as collateral, the trader borrowed 162 Ether, effectively leveraging the position by 1.3x.

The trader’s motives remain unclear. It could have been an attempt to capitalize on the Blur airdrop, which rewards users for bidding and lending on NFTs, or a strategic move to exploit historically low floor prices. Alternatively, it raises suspicions of insider trading based on knowledge of Solano‘s forthcoming statement.

Adding to the complexity, another anonymous trader seemed to opportunistically time the announcement of Proof Collective’s acquisition. This trader, identified as B339, received 70 Ether from Bybit before embarking on a buying spree of Moonbirds and Mythics, starting on February 12 and culminating on February 16, the same day as the Proof Collective acquisition announcement.