Azuki NFT Prices Plummet After Founder Raises Rug-Pull Alarm

Azuki, one of the most popular NFT collections, saw its prices tumble after its founder revealed a past affiliation with abandoned NFT projects.

The NFT collection prices saw a huge drop of around 50% . The NFT’s floor price sank 21% to touch 11 Ethereum (approx $26,200)- its lowest level since late-March.

Azuki floor price down by 23% in last 24 hrs

In a blog, Zagabond revealed that he founded and literally abandoned 3 projects within a year. The fictitious founder disclosed his involvement in the dumped projects like CryptoPhunks, CryptoZunks and Tendies. Azuki faced a huge backlash over the internet. While this has caused uncertainty related to the projects among the buyers and holders.

Amid speculations and fear, the Azuki NFT’s trade volume has increased by 1,329% in the last 24 hours. The Azuki’s current floor price stands at 14.88 ETH (approx $35.5k). Prices have dropped by over 23.81% in the last 24 hours. Looks like the NFT collection recovered a bit amid opposite sentiments. As per the data, the 24 hour trading volume stands at 11,700 ETH (approx $27.9 million) with around 760 sales.

However, the Azuki NFT collection has slid to the 8th spot among the other top projects. Its total floor cap stands at 148,800 ETH (approx $354.8 million). Meanwhile, Azuki attained a recent high of 31.04 ETH (approx $73.7K) on May 4. 2022.

This comes after a recent boom in the project’s prices, which saw it briefly overtake no. one NFT collection the Bored Ape Yacht Club.

Zagabond still bullish on the project

Zagabond in his revelation letter asserted that Azuki is built from the learning they took from the past projects. They guided him “to lead, not follow”. Meanwhile, he dropped the affirmation that Azuki is in for the long term and like the past projects. Be it Bull or Bear conditions, the Azuki is working towards the Web3. However, it will be a challenge to make the shift.

Meanwhile, some developers believe that the Zagabond didn’t come out with this announcement emotionally. He may have done this to protect its projects as this news would have leaked in anytime soon.

Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.