What next for Yuga Labs as Greg Solano returns as CEO

• Bored Ape Yacht Club founder Greg Solano returned as CEO.
• Yuga Labs acquired Proof, the startup behind the Moonbirds NFT collection.

The Bored Ape Yacht Club has undergone a leadership change, with founder Greg “Garga” Solano reclaiming the position of CEO from Daniel Alegre, who had held the role for less than a year.

In a post on X, Solano expressed his eagerness to guide the company through its next chapter alongside co-founder Wylie Aronow.

However, the nature of Alegre’s future within the company remains uncertain, with no confirmation of departure or transition to another role.

New changes

Solano’s return coincided with Yuga Labs’ acquisition of Proof, a digital art-centric startup behind the Moonbirds NFT collection.

The plan is to integrate Moonbirds into the forthcoming Otherside metaverse game and incorporate Proof’s art focus with existing collections such as CryptoPunks and TwelveFold.

However, the Proof acquisition stirred mixed reactions among Bored Ape NFT holders, reflecting broader sentiments around the company’s recent moves.

The prices of Bored Ape Yacht Club tokens reached their peak in April 2022 but have since experienced a significant decline, mirroring the overall trend in the NFT market.

Interestingly, competing collection Pudgy Penguins briefly surpassed Bored Ape Yacht Club in floor price, marking the cost of the cheapest listed NFT on the marketplace.

Pudgy Penguins witnessed a substantial 5x increase in value over the past three months, contrasting with the relatively stagnant performance of Bored Ape Yacht Club collection.

Source: NFTfloorprice

How is ApeCoin doing?

These developments had a negative impact on ApeCoin as well, which is a token related to the Yuga Labs cohort. At press time, APE was trading at $1.69 and its price had declined by 4.00% in the last 24 hours.

The percentage of large APE holders have also declined. This suggested that whales were selling their holdings. The trend signals a potential lack of confidence among influential investors, leading to a decline in overall market sentiment.

Read APE’s Price Prediction 2023-2024

The increased selling pressure from whales contributes to higher price volatility, making the market less attractive to new participants.

Additionally, the sudden influx of tokens into the market can result in liquidity challenges, further depressing prices. This negative feedback loop may persist without positive developments to counterbalance the selling pressure.

Source: Santiment