Why is Pranksy Selling Off All of His Doodles NFTs?

NFT whale Pranksy dumped nearly $100,000 of Doodles yesterday. The sometimes controversial trader surprised many onlookers with the move given his bullish comments in the past about the project. Why did Pransky sell his Doodles NFTs?

The TL;DR:

• NFT trader Pranksy dumped nearly $100,000 worth of Doodles NFTs.
• The Doodles’ floor price has dropped over 90% from its peak, and Pranksy sold 25 Doodles for 52.17 ETH.
• Pranksy explained that he still holds other valuable NFTs and decided to sell some Doodles to secure ETH.

Why did Pranksy Dump his Doodles?

A heavily followed Twitter account, @nftwhalealert, tweeted that Pranksy sold 25 Doodles for 52.17 ETH total. This news took many people off-guard. It was surprising because Pransky has been a staunch advocate for the project in the past, but now the Doodles’ floor is nearing an all-time low.

The Doodles floor is currently slightly above 2 ETH. This is a drop of over 90% from its peak of approximately 25 ETH in May 2022. Many people commented on the post in shock that the legendary NFT trader decided to take a loss on the project. To his credit, Pransky fired back.

Pranksy replied to a question asking if he was finally done with Doodles, writing, “He has 25 grails, 2000 genesis boxes, 30 Pharrell boxes and 65 dooplicators so no.” When asked why he was selling then, he continued, “…this is selling for some eth, I’m going to take x eth out to just lock away so I stop wasting it. My recent spending of near 800 eth on various nfts looking for a quick win and getting nowhere fast.”

So is Pranksy Bearish on Doodles?

It doesn’t seem so. The amount of assets he still holds is still worth a significant sum. Like many other NFT investors, Pransky seems to be kicking himself for holding too long into the bear market. It’s not so much that he’s bearish on Doodles, therefore, but more than he’s more confident in Ethereum holding value long term compared to existing 2021-2022 NFT collections.

This mentality isn’t exactly a hot take– most NFT projects underdelivered. Now, many traders regret not taking more profits during the bull market. Looking forward, it’s important to keep liquidity ready, survive, and be ready to catch the next wave whenever it comes.