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Ripple’s executive chairman Chris Larsen has accelerated his long-running distribution of personal XRP, moving the equivalent of roughly $200 million since 17 July, according to public ledger data highlighted by on-chain investigator ZachXBT. “Since July 17 an address linked to Ripple co-founder Chris Larsen transferred out 50 M XRP (≈ $175 M) to four addresses. ≈ $140 M ended up at exchanges,” the pseudonymous investigator wrote on X, appending the destination addresses for the largest tranches.

Subsequent movements flagged by analysts at CryptoQuant lifted the 10-day tally to about 57 million XRP, taking dollar outflows past the $200 million mark at Thursday’s average price.

The transfers landed while XRP was retreating from last week’s local peak of $3.66. On Thursday, the token had slipped to an intraday low near $2.95, before stabilising above $3.000. Although correlation is not causation, critics seized on the timing. On-chain analyst JA Maartun told his followers that Larsen “just dumped ≈ $200 M worth of XRP in the past 10 days… You’re the exit liquidity. Think twice.”

Blockchain forensics firm Lookonchain, corroborating ZachXBT’s figures, estimates that wallets attributed to Larsen still control about 2.81 billion XRP. In a reply on X, ZachXBT confirmed that “wallets linked to Chris Larsen only have another 2.81 B+ XRP ($8.4 B) left,” signalling that even after the recent sell-down Larsen remains one of the market’s single largest potential sources of supply.

The Original Ripple “Founders Reward”

Court filings in the US Securities and Exchange Commission’s 2020 enforcement action against Ripple describe the initial allocation with rare precision. When the XRP Ledger was finalised in December 2012, its fixed supply of 100 billion tokens was divided so that 80 billion went to Ripple and 20 billion to the three founders “as compensation.” Nine billion XRP went to Larsen and nine billion to fellow co-founder Jed McCaleb; two billion went to early engineer Arthur Britto.

Brad Garlinghouse, Ripple’s current chief executive but not a founder, never received a “founders reward.” Instead, Ripple’s board granted him 500 million XRP as part of his elevation to CEO on 13 December 2016 and a further 250 million on 29 May 2019. By the time the SEC filed its complaint, 521 million of those tokens had been delivered, valued then at about $246 million.

A December 2024 Forbes deep-dive put Larsen’s fortune at $9.2 billion, noting that “roughly half is still denominated in XRP.” Jed McCaleb, who finished liquidating his “Tacostand” wallets in 2022, is listed at $2.9 billion in the April 2025 Forbes Billionaires ranking. Arthur Britto’s wealth is notoriously opaque—he eschews publicity—but if he retained his full two-billion-token grant it would be worth about $6.2 billion at current prices. No credible publication has ventured a formal estimate.

In March this year, Fox Business journalist Charles Gasparino estimated that “the net worth of Brad Garlinghouse, Ripple’s CEO, is around $10 billion, making him one of the richest people in the country.”

At press time, XRP traded at $3.11.

Featured image created with DALL.E, chart from TradingView.com

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Yuga Labs has handed off the Moonbirds, Mythics, and Oddities NFT collections to Orange Cap Games, signalling a shift in how the company wants to operate moving forward. The move shows where the NFT giant sees long-term value and where it’s willing to let others take the lead.

Key Takeaways

• Yuga Labs sold Moonbirds, Mythics, and Oddities to Orange Cap Games as it narrows its focus to core projects.

• Orange Cap Games plans to build on these NFT collections within its growing game development ecosystem.

• The sale follows earlier Yuga divestments like CryptoPunks and Meebits.

• Despite the sale, Moonbirds will remain part of Yuga’s Otherside metaverse through continued interoperability and character inclusion within the virtual world framework.

Why Yuga Sold Moonbirds: Strategic Refocus

This wasn’t just another NFT deal. Moonbirds, Mythics, and Oddities had been part of Yuga Labs’ portfolio for barely a year after it acquired them through PROOF. But with the market cooling and attention spans shrinking, Yuga decided to sharpen its focus. Instead of trying to manage multiple brands, it’s doubling down on what it knows best: Bored Ape Yacht Club and Otherside.

In that context, passing these collections to Orange Cap Games makes sense. It’s not a retreat—it’s a realignment. And it comes on the heels of similar moves: Yuga also sold off CryptoPunks and Meebits earlier this year. The message is clear—Yuga wants to get lean and stay focused.

Moonbirds NFTs on OpenSea

Who Is Orange Cap Games?

Orange Cap Games might not have the name recognition Yuga does, but it’s been making quiet waves in the NFT space. The team is already behind Vibes TCG, a collectible card game known for its cultural resonance and hybrid experiences. Vibes features sets like “Enter the Huddle” and “Legend of the Lils,” centred around Pudgy Penguins.

Now, with Moonbirds under its wing, OCG has a chance to do something different. They’re not just picking up a brand—they’re picking up a community that’s been waiting for a second wind.

As part of the acquisition terms, Orange Cap Games has stated that any future on-chain components of the Moonbirds IP will be deployed either on Ethereum mainnet or—if using a Layer 2 solution—exclusively on ApeChain.

Critically, Moonbirds will retain active functionality within Otherside via avatar representation, access permissions, and potential future story arcs—ensuring they remain part of Yuga’s immersive ecosystem.

Market and Community Reaction: Optimism and Momentum

As of June 2, 2025, the floor price of Moonbirds NFTs is approximately 0.9 ETH, following renewed interest sparked by the acquisition. According to data from CoinGecko, the price surged over 150% in the past 7 days, with strong upward momentum starting around May 30. In the past 24 hours alone, Moonbirds saw a 22.6% increase, underscoring a dramatic return of attention to the collection.

For context, the all-time high floor price for Moonbirds was 37.8 ETH (about $115,500 USD) in April 2022. Some rare Moonbirds even fetched up to 265 ETH (approximately $804,600) during peak hype, though the average floor hovered around 37–38 ETH. The current rebound, while far below those historic highs, marks the most meaningful upward movement in months.

And that optimism is being met with vision. OCG describes Moonbirds as having “been nesting during the bear market” and believes the brand’s nonlinear journey is actually its greatest strength.

Final Thoughts: A Hand-Off with Purpose

What’s happening here isn’t unusual in maturing industries—assets get reassigned, priorities shift, and new leaders step up. Yuga Labs, once the face of NFT expansion, is now tightening its scope. Meanwhile, Orange Cap Games is stepping into a bigger spotlight, bringing with it a fresh approach to NFT-powered games and storytelling.

For Moonbirds holders and observers alike, this shift brings something that’s been missing for a while: direction. It’s too early to say exactly what the next phase looks like, but the pieces are now in place for a renewed effort—one that could bridge the gap between past hype and future substance.