Monday, February 6, 2023

Bored Ape Yacht Club Crashed By 60% Last Month: Analysis

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The Bored Ape Yacht Club NFT crashed by 60% last month after a few months of remaining unfazed so let’s have a closer look and find out what changed this time in our latest cryptocurrency news.

Bored Ape Yacht Club is a blue-chip NFT that seems to have dropped in value back in May when almost every NFT dropped in sales prices. May has been a challenging month for NFTs and crypto alike but BAYC managed to end it with a damp trading price of $152,658. The BAYC sales are higher than other NFTs like NBA Top Shot, Art Blocks, and Otherdeed, but the Bored ape Yacht Club crashed by 60% since May 1 and trades at an average price of $382,894. The hike in buyers increased from 475 to 591 but the average sales dropped dramatically since.

The APE token lost 66% of its value from May opening trading price of $20.02 to $6.76. BAYC is an NFT collection owned by celebrities and influencers such as Eminem, Justin Bieber, Stephen Curry, and others and it became a sensation whcih triggered high prices for the collection, and owning one, became a status symbol. It is also a must to own the most popular NFT which gives the owner a cool status but the actual value of the nft is exclusive membership access. The digital club that provides member-only access and privileges can be seen from the fact that the BAYC unlocks the potential to enter into the mainstream and be a part of an elite and a giant circle.

solana bored ape
Source Bored Ape Yacht Club Price Chart by Nomics

Bored Ape and other blue-chip NFTs were in a depressive state and got down by 50% but BAYC was quite robust and unassailable for a few months despite the market crash. However, it seems that the values are sliding now a month later. One of the main reasons for the decline is that Ethereum was down by 33% for the month after the UST and LUNA stablecoin crashes. OpenSea’s trading volume also suffered and dropped by 40% for the past month and the decline in the BAYC value is attributed to the huge crypto crash whcih resulted in the decline in investor interest.

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