Steve Aoki Sells Off Nearly All His Crypto Assets: What It Means for the NFT and Memecoin Markets
The renowned DJ and one of the most active proponents of the crypto market, Steve Aoki, has begun a large-scale liquidation of his digital assets. He transferred tens of thousands of dollars into stablecoins and sold billions of SHIB and PEPE memecoins on the Gemini exchange. This isn’t just a personal decision—it reflects a profound shift in how NFTs and memecoins are perceived after the 2021 boom.
Why this matters now
Aoki was once the face of the crypto boom. In 2021, he purchased NFTs worth hundreds of thousands of dollars, launched his own collections, and even attempted to produce a blockchain-based TV series. Today, his actions tell a different story: he’s selling off almost everything except seven NFTs from the Bored Ape Yacht Club (BAYC) collection, which have lost 88% of their value. This isn’t merely a financial loss; it symbolizes the end of an era of speculative hype surrounding digital artwork.
Memecoins like SHIB and PEPE are also showing signs of fatigue. Aoki recently sold:
- 1.785 billion SHIB tokens for $10,300
- 4.155 billion PEPE tokens for $14,700
- 7.25 ETH for $15,900
These amounts may seem modest compared to what he invested previously. However, the key point is that he’s doing this publicly, through major wallets tracked by analysts. Such moves often serve as a signal to other investors.
What happened to NFTs?
NFTs (non-fungible tokens) are digital certificates of uniqueness. Imagine owning the original painting while everyone else holds copies. In 2021, people paid millions for “originals” like Bored Apes, believing they would become cultural artifacts. But demand plummeted.
Today, the floor price for a BAYC NFT hovers around $14,000, down from $400,000 in 2022. Aoki still owns seven of these NFTs, originally acquired for $800,000, now worth only $97,000. Even Justin Bieber has seen a 99% decline in his BAYC holdings—falling from $1.3 million to just $12,000.
The reasons for the downturn include:
- Lack of real-world utility: most NFTs are simply images with no functional purpose
- Ebbing interest from celebrities and the media
- Regulatory pressure and legal disputes (for example, Yuga Labs’ recent settlement with artists)
What does this mean for everyday folks?
If you don’t own any NFTs or memecoins, there’s nothing to worry about. But if you’ve ever considered buying “digital art” as an investment, Aoki’s move offers an important lesson.
Digital assets lacking intrinsic value—such as those without access to services, games, or rights—are quick to lose appeal. What seems like a trendy fad today could easily become digital clutter tomorrow.
Key takeaways:
- Steve Aoki is selling off nearly all his crypto assets except for a handful of defunct NFTs
- SHIB and PEPE memecoins have been liquidated for tens of thousands of dollars
- The NFT market has shed over 90% of its peak valuation
- Legal risks surrounding NFTs remain high
- This doesn’t mark the end of blockchain technology, but it does signify the close of an era dominated by speculation in “digital pictures”
— Editorial Team
