Steve Aoki, an electronic music artist who forecasted non-fungible tokens (NFTs) would become “part of culture” within five years (he stated in 2021), has begun to quietly exit his crypto positions. Based on onchain data from Arkham Intelligence, it is known that Aoki’s wallet sold 1.78 billion of Shiba Inu (SHIB) for approximately USD 10,300 and swapped 7.25 Ethereum (ETH) for approximately USD 15,900. He routed the funds into the Gemini exchange. And just two weeks before, he sold 4.15 billion units of PEPE via 1inch for about USD 14,700.
The Crypto and NFT Market Impact
The impact of the sales has been crushing. After paying more than USD 800,000 for seven Bored Ape Yacht Club (BAYC) NFTs in 2021, the current estimated value for each ape is approximately USD 13,800, which totals roughly USD 97,000 for all seven, marking an 88% decline since the time of purchase.
Additionally, his NFT-backed television series called “Dominion X” briefly sold out, but never went into production.
List of Sold or Hodling Assets:
- SHIB: 1.78 billion sold (around USD 10,300) – totally exited.
- PEPE: 4.15 billion sold (around USD 14,700) – totally exited.
- ETH: Only approximately 5 ETH remains following the sale of the above assets.
- BAYC NFTs: Currently holds 7 NFTs with an estimated total value of approximately USD 97,000 (from around USD 800,000 since purchased).
What Does This Mean For the Ecosystem?
During the NFT craze in 2021, Aoki was one of the most vocal fans of these assets. However, his recent actions of moving funds to Gemini and liquidating meme tokens reflect a bigger trend of NFTs not participating in the bull market from 2023 to 2025. Bored Ape prices went from being at an all-time high (ATH) in early 2022 to less than USD 14k today, for instance, that capital has shifted towards projects with underlying utility rather than just being based on a story.
