A CryptoPunk Sold for $1.5 Million Amid Market Crash

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CryptoPunks’ non-fungible Token (Non-Fungible Token) collectibles made headlines when a rare Monkey-themed CryptoPunk sold for over $1.5 million on September 5.

CryptoPunk #6915 sold for 620 Ether (ETH), or about $1.48 million. This particular Non-Fungible Token is one of 24 Ape-themed CryptoPunks and features three distinct features: a hat, earrings, and an eye patch.

Although the Non-Fungible Token sold for over $1 million, the owner received higher offers for the piece earlier this year. According to CryptoPunks data , in March 2024, when monthly Non-Fungible Token sales volume was around $1.6 billion, offers for Punk #6915 ranged from $5 million to $6 million.

This means the value of Non-Fungible Token has dropped 78% since March.

Community Reacts to CryptoPunk Sale

The crypto community took notice of this sale and Chia their thoughts on X. One community member saw “strange” that the owner turned down higher offers earlier this year, while another X user said that spending $1.5 million on a CryptoPunk in 2024 is “crazy.”

Source: Robo Beanie .

Meanwhile, a community member said that the owner has performed a wash transaction. User X believes that a large proportion of Non-Fungible Token sales are “insiders trying to create some kind of hype.”

Wash trading is done to mislead market participants about the price or liquidation of an asset. It occurs when a trader buys and sells the same asset. In October 2021, CryptoPunk #9998 was sold for nearly $500 million. However, data shows that there was ambiguity between the seller and the buyer.

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