Trading Volume and Prices of Moonbirds NFTs Surge Following Acquisition Announcement
The prices and trading volume of the Ethereum-based NFT collection Moonbirds experienced a significant increase after it was announced that Yuga Labs, the creator of Bored Ape Yacht Club, had acquired the intellectual property (IP) for the collection. However, these spikes have led to speculation of insider trading prior to the announcement.
Sales Volume Spikes
According to data from CryptoSlam, the daily sales volume for Moonbirds NFTs remained below $100,000 throughout February 2022, except for February 4 when it reached around $141,000. However, on February 14, the daily sales volume spiked to approximately $460,000 with four times as many transactions. On February 15, the sales volume remained elevated at around $333,000. After the acquisition announcement, sales surged to approximately $3.1 million.
Price Floor Spike
The price floor of Moonbirds NFTs also experienced a spike in the days leading up to the announcement. The price started at around $2,680 worth of ETH on Monday and climbed steadily until Wednesday when it reached $5,000. It briefly peaked at over $6,000 on Friday before settling at around $5,170.
Suspicions of Insider Trading
Following the announcement, there were suspicions of insider trading among influencers and community members. Pseudonymous blockchain developer cygaar shared a chart showing an unexplained spike on Wednesday and sarcastically commented on the absence of insider trading. Another influencer jokingly referred to a wallet that made significant purchases from the Proof ecosystem as “Nancy Pelosi’s wallet,” alluding to allegations of stock trading based on insider knowledge.
Hot Take: Potential Insider Trading Raises Concerns
The significant spikes in trading volume and prices of Moonbirds NFTs prior to the acquisition announcement have raised concerns about potential insider trading. While there is no clear evidence to support these suspicions, the unusual market behavior has sparked discussions among crypto enthusiasts. It remains to be seen whether any further investigations or actions will be taken regarding these allegations.
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