Azuki non-fungible token (NFT) sales rose by more than 800% in the past 24 hours after a 50% floor price dive due to rug pull allegations against the founder.
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- More than US$50 million worth of Azukis have been traded in the past day, and the collection has now totaled US$710 million in historic sales, making it the eighth-largest NFT collection, according to CryptoSlam.
- The sales surge follows a plunge in floor price from 16.2 ETH (US$38,484) to 8.3 (US$19,717) ETH on Tuesday, according to CoinGecko.
- On Tuesday, Azuki’s pseudonymous founder Zagabond shared in a blog post the lessons learned from three previous unsuccessful projects — CryptoPhunks, Tendies and CryptoZunk.
- CryptoPhunks was handed back to the community after multiple de-listings due to copyright concerns, while Tendies shut down due to lack of interest, and CryptoZunk fell victim to high gas fees, Zagabond wrote.
- Some Twitter users alleged Zagabond’s response to the failures reflect characteristics of rug pulls, a type of scam when founders abandon projects and flee with investors’ funds.
- Zagabond has denied the allegations.
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