CandleFocus No, a CryptoPunks NFT Didn’t Just Sell for $56 Million
2024-10-04
Author: Content Editor
The purchase of CryptoPunk 1563 for 24,000 ETH ($56.3 million) has raised suspicions about its legitimacy. The Punk was previously bought for $69,000 in September and does not possess any rare attributes, making the significant increase in value questionable. The transaction was made using flash loans, where the buyer took out an uncollateralized loan and repaid it in the same transaction. This strategy has been used before in the purchase of another CryptoPunk for $532 million. The recent sale may be a stunt to generate interest in an upcoming meme coin called "Kamala Harris Punk." The developer hopes to make more money from the NFT sale and token presale. However, there is a risk that the stunt could backfire. Excluding this questionable transaction, CryptoPunks sales in the last 30 days have generated $16.7 million in trading volume.
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