Moonbirds NFT Spikes Raise Insider Trading Questions Before Yuga Labs Acquisition
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Prices and trading volume for Moonbirds NFTs spiked sharply before the official announcement of Yuga Labs acquiring the collection. This fueled speculation of insider trading.
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Daily sales volume and floor price were very low early in February, then began rising substantially on Feb 14th and 15th, days before the deal was announced on Feb 17th.
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Influencers and developers on Crypto Twitter called out the unexplained price and volume spikes prior to the announcement as potential insider trading.
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One wallet purchased over 150 NFTs from Proof's ecosystem in recent days, profiting hundreds of thousands after the announcement.
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The spikes before the official announcement raise questions, but Proof said they were not aware of any leaks and Yuga Labs declined to comment.