FLYWHEELS CONTINUE TO SPIN: $2.9M $PNKSTR Selloff Sparks Flash Crash, Fast Recovery, And New CryptoPunks For The Strategy!

It was an insane day around the swamp and the broader Web3 world after a Punk Strategy whale sold 20,660,000 $PNKSTR tokens for 616 ETH or  $2.9 million USD in a single clip, causing a strategy-wide selloff. But the strategies kept on strategizing as true believers filled the timeline and reminded everyone that the road to billions is not for the faint of heart!

On Monday, CowBoyAlien3443.eth sold 2% of $PNKSTR in one transaction, triggering a flash crash that sent the token’s market cap from $290 million down to as low as $70 million within minutes.

 

While the selloff was big and jarring, with its impact felt across the entire Strategy ecosystem, things continued according to plan.

 

CowBoyAlien3443.eth netted 555 ETH or  $2.6 million USD from their $PNKSTR sale. Meanwhile, the Strategy Coin contract received 49 ETH or roughly $231,000 USD in fees and used that, and other sellers’ fees, to add two more CryptoPunks to its holdings this morning, bringing its current collection to 26 Punks.

 

 

Since the selloff, $PNKSTR, along with many other Strategy coins, have started to recover, with Punk Strategy currently sitting at a market cap of $173 million.

“That got eaten up insanely quick, with 2 punks as crumbs left over for us new to the treasury,” Strategy token believer and RedBeardVC Founder Drew Austin tweeted, “Machines!”

 

 

As the Bored Ape Gazette previously reported, $PNKSTR, like all other Strategy Coins created by TokenWorks, is fully onchain, autonomous, and powered by a smart contract with a 10% trading fee. When someone sells, a portion of those proceeds automatically go toward buying more Punks or other NFTs. This means  that even in downturns, the flywheel that Rhynotic and the TokenWorks team built keeps spinning perpetually!

Tonight, as $PNKSTR and other Strategy coins show resilience following this morning’s selloff, large holders like ArtChick and others are calling today bullish for the token going forward.

“PunkStrategy fud nearing fever pitch while it's currently trading at a price not seen since 2 days ago,” she tweeted. “Only difference is now several whales are out of coins and thousands more holders have joined, also the trading fees have bought millions of dollars worth of more punks. Higher.”

 

The Bored Ape Gazette will continue to follow all things Strategy Coin as TokenWorks rolls out more tokens for more collections this week and beyond. Stay tuned for updates!