Steve Aoki Sells SHIB, ETH; Bored Apes Lose 88%

His NFT-backed TV project "Dominion X" failed to reach broadcast despite a rapid NFT sellout in 2021, highlighting ongoing struggles in the NFT market amid broader crypto trends.

Nearly Five Years Later: Steve Aoki Exits Major Crypto Holdings

Steve Aoki, a well-known DJ and early NFT advocate, announced through on-chain data his gradual exit from various cryptocurrencies that once formed a significant part of his crypto portfolio. According to Arkham Intelligence, on April 13, 2026, Aoki's wallet sold approximately 1.785 billion SHIB tokens for around $10,300 and swapped 7.25 ETH for nearly $15,900. Additionally, he sold 4.155 billion PEPE tokens roughly two weeks prior, generating $14,700.

The proceeds, totaling about $29,650 in USDT, were transferred to Gemini, indicating a strategic move toward a more centralized and possibly stable crypto custodial solution.

Despite these sales, Aoki still holds his seven Bored Ape Yacht Club NFTs purchased during the 2021 boom for over $800,000. These NFTs are currently valued at about $13,800 each, totaling $97,000, representing an 88% drop.

What Happened to the Bored Ape Yacht Club NFTs?

The Bored Ape Yacht Club (BAYC) was one of the most hyped NFT collections, attracting celebrities like Steve Aoki during the 2021 NFT market surge. However, market sentiment has shifted drastically since that boom.

Metric	Value in 2021/2022	Current Value (2026)	Change
Steve Aoki's BAYC Purchase	$800,000	$97,000	-88%
Bored Ape Floor Price Peak	>$400,000 (2022)	<$14,000	-96.5%

This steep decline mirrors the broader NFT market slump, where many narrative-driven digital assets have failed to maintain or grow value. The lack of widespread utility and shifting capital preferences towards projects showcasing clear functionality have played a critical role.

"Dominion X": An Ambitious NFT TV Project That Fell Short

In 2021, Aoki collaborated with Seth Green's Stoopid Buddy Stoodios to launch "Dominion X," an NFT-backed television show project. The initiative sold 500 NFTs within 30 seconds on Nifty Gateway, demonstrating early enthusiasm and a possible market for blockchain-based intellectual property.

However, despite this initial success, the project never made it to broadcast. Aoki's manager revealed that the NFT sale barely covered production costs, highlighting challenges in sustaining NFT projects in entertainment without robust ongoing revenue models.

Broader Market Context: Why NFTs Are Out of Favor

The crypto bull runs from 2023 to 2025, which pushed Bitcoin to record highs above $126,000, largely bypassed NFTs. Increasingly, market participants have prioritized tokens with tangible utility and strong portfolio value.

Steve Aoki’s exit aligns with this trend, signaling a shift from speculative NFT assets to more liquid, stable cryptocurrency holdings or centralized platforms.

According to blockchain analyst Dana Smith, "The NFT market's speculative peak in 2021 led to unsustainable valuations. Investors are now consolidating into assets with clearer use cases, which is reflected in declining NFT prices and volume."

Expert Perspectives on Celebrity Crypto Liquidations

Steve Aoki was among the most visible NFT advocates in the celebrity space. His liquidation raises questions about the sustainability of star-driven hype in crypto.

Crypto analyst Michael Karlin at Market Wave stated: "Celebrity exits can accelerate market correction, especially when linked to high-profile projects like BAYC. It’s a sobering reminder that cultural cachet does not always translate to financial resilience."

However, industry insiders suggest Aoki's move might also represent prudent portfolio management rather than bearish market sentiment.

Summary

Steve Aoki’s progressive sell-off of key crypto holdings and the dramatic depreciation of his Bored Ape NFTs encapsulate important shifts in the crypto ecosystem. From peak hype and celebrity-driven speculation, the market has matured towards more pragmatic asset selection and portfolio strategies.

While Aoki’s initial prediction in 2021 that NFTs would become "part of culture" within five years sparked enthusiasm, the interim has exposed market vulnerabilities and reinforced the need for real-world utility. As NFTs continue evolving, investors and celebrities alike must balance cultural appeal with economic fundamentals.

In the end, Steve Aoki’s moves reinforce broader crypto trends favoring assets with secure liquidity and functionality, marking a cautious turning point for the NFT and meme token sectors in 2026