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Larva Labs Dissuades "V1 Crypto Punks" With Recent Price Action

V1 Punks are seeing a resurgence made apparent by CryptoSlam! But there’s more to the story.

CryptoSlam! Data Tells the Story

V1 Crypto Punks have faced a resurgence, peaking at a floor price of 29 ETH and currently governing around 15 ETH on OpenSea, but Larva Labs cautions users that they are not official CryptoPunks.

This resurgence comes from an ERC-721 contract that patched an initial bug that refunded buyers. As a result, speculation is now running rampant with “V1 Punks.” They have seen a 3000%+ increase in volume over the last week, according to CryptoSlam! 

Larva Labs dissuaded users from participating in the speculation while simultaneously ensuring Punks holders that any proceeds will be used to purchase legitimate CryptoPunks.

There are multiple layers to this onion, and there are a few reasons why Larva Labs is distancing itself. But ultimately, the key red flag is that just 103 holders hold the entire collection of NFTs. 

Whether Larva Labs sells more V1 punks or not, the concentrated supply raises concerns.

A Piece of NFT History 

Of course, the V1 connoisseur takes a different angle. The fact of the matter is that V1 Punks will stay on-chain forever as a piece of crypto history.

“This recovery of the original Punks smart contract is a community-led and rapidly growing phenomenon consisting of original Punk claimants, NFT historians, digital archeologists, and extremely talented developers,” mention the V1 Punks Website.

Does this warrant the extreme speculation, or is it another case of low circulating supply? Larva Labs has put in their two cents, and they have a fair amount of the collection - tread with caution or pony up for a true Crypto Punk.

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