The craziest part was 55.6k ETH (~$150M) of ETH was burned because of transaction fees. At its peak, ETH gas costs hit 2ETH ($6,000), which is what the french call le ridiculous. Every single time a transaction happens on the Ethereum network there is a fee, some of it gets “burned” and taken out of the total supply of ETH. On a normal day, we burn ~$30M of supply. But for this drop, 5x that got burned.
They are trying to quadruple dip: Dip 1: Sell an NFT (Bored Apes) Dip 2: Create a coin (Apecoin) Dip 3: Sell virtual land for a metaverse that doesn’t exist yet Dip 4: Okay, you’ve run out of tokens to launch. So now launch your own blockchain
They have raised the stakes. Now, this can only go 2 ways: This becomes a generational company…they end up creating some mix between Pokemon and Fortnite Or (more likely) the whole Bored Apes craze comes crashing down in a few years and we look back at this moment as the peak of NFT project greed
