Azuki NFT Floor Dumps 45% in a Week Amid Rugpull Accusations
- Azuki’s brand new NFT collection yields $40M in one hour.
- Hectic mint process and Twitter rumors result in a panic sell.
- Azuki’s team admits the new NFTs are “dilutive” to the project.
Azuki, one of the most successful NFT collections of all time, is going through hard times this week. Firstly, a crowd of enraged NFT enthusiasts are calling out the Azuki NFT team for doing a clumsy job in regard to the latest NFT drop.
On top of that, the drama on Twitter doesn’t revolve entirely around Azuki’s wrongdoings – a lot of attention has been paid to the upsurge of phishing attacks, which use the same name as the original blue-chip collection.
Some members of the Azuki NFT community are trying to get Elon Musk’s attention to stop the flurry of fake airdrops from reaching Twitter’s audience. Several Azuki members claim that this could be easily prevented by auto-ban.
Despite its commercial success, the anime style non-fungible token (NFT) collection acknowledges “missing the mark” on the new Elementals NFT. However, several Azuki NFT holders expressed disappointment that the new Elemental collection looks too similar to the earlier one, instigating a massive price plunge on June 28th, 2023.
At press time, Azuki’s NFT floor price is 9.20 Ethereum (ETH) , according to NFT Price Floor. Indeed, the blue-chip Azuki collection slipped to single digits yesterday, drooping to 8.37 ETH around the same time when the Azuki Elementals presale went live. Since then, Azuki NFT floor price bounced back, with the latest three Azukis selling for 9.11 ETH.
Founder’s Past Comes Back to Haunt Azuki?
Last year, the Azuki NFT community was left open-mouthed when the pseudonymous founder of the Anime-inspired NFT collection confessed to multiple rugpulls on Twitter. Indeed, ZAGABOND.ETH, the anonymous founder of the project, admitted to having rugged CryptoPhunks, Tendies, and CryptoZunks projects.
Naturally, this has caused a panic sell among the Azuki NFT holders. The first time this happened was on May 10th, 2023; the Azuki NFT trading volume on secondary marketplaces soared to a whopping $38.2 million, while the NFT floor price plummeted similarly to the currently ongoing panic sell.
Azuki’s NFT trading activity this week scooped up 44,021 ETH in 3761 unique sales. While the trading volume went up by 312%, the sales are up by 505% due to the massive sell-off in the wake of the new Azuki Elementals NFT collection.
On the Flipside
- The freshly dropped 10,000 Azuki Elementals NFTs were sold out in the presale stage despite the community condemning the ‘basically identical’ NFTs.
Why This Matters
Azuki is considered a blue-chip NFT collection – once it had a floor price of 25 ETH.
Read DailyCoin’s latest crypto news:
Cardano’s ADA Barely Reacts Despite Robinhood Dump Fears
Shibacals Contest Wraps Up: SHIB Fans Scoop Champion Hoodies
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Tech giants bounce back after AI disruption, S&P 500 nears record high
Share link:In this post: Last week, the largest tech firms in the US experienced huge challenges from Chinese AI, DeepSeek. Apple and Meta reported positive results, boosting the S&P 500. The Magnificent Seven’s price-to-earnings ratio is now 31.
OpenAI launches o3-Mini as it fights back against DeepSeek
Share link:In this post: OpenAI has launched its o3-Mini AI model to fight back against DeepSeek’s latest model. The company mentioned in its blog post that the o3-Mini is the most cost-efficient model in their reasoning series. DeepSeek’s breakthrough caused a $1 trillion tech selloff while putting pressure on AI chip makers.
Crypto robbers face 76 years in prison for kidnapping and assault
Share link:In this post: A group of crypto robbers have been sentenced to jail for several counts of kidnap, theft, and assault. The robbers kidnapped the victim, tied him, and assaulted him before stealing his stash of cryptocurrency. Police investigation uncovered the illicit activities that the criminals were carrying out before their arrest.
Purpose Investments files for the first-ever Ripple (XRP) ETF in Canada