Bored Ape Yacht Club has been on an emotional rollercoaster for the past few days. Several investors sold their prized blue-chip NFTs, sparking a wave of fear, uncertainty and doubt (FUD).
BAYC has been struggling lately as the bear market has finally taken its toll. Due to the slump, several holders sold their NFTs, causing the overall value of the NFT to fall.
The Bored Ape Yacht Club has seen bigger losses in recent weeks, with its bottom price falling more than 19% in the past 30 days as measured in ETH. A bored monkey costs 36.5 ETH.
The fortunes of the BAYC collection have changed as a result of many fundamental issues. General market pessimism, the apparent end of utility, whale sell-offs, and diminished media coverage are some of them. But many experts believe recent action in the Blur ecosystem has had the greatest overall impact.
Famed NFT collector Jeffrey Huang, aka Machi Big Brother, sparked a frenzy over BAYC NFTs. The succession of sales by Huang and subsequent acquisitions from the collection caused significant instability in the price of the NFT.
Huang sold about 50 Apes, according to statistics from Blur, a well-known NFT marketplace. He completed a single trade last Saturday, selling 19 Apes for 651 ETH, which amounted to nearly $1.2 million at the time of the sale.
ApeCoin (APE), marketed as the core of the world’s most valuable NFT ecosystem, reached a low of $1,936 on June 19, more than 90% below its all-time high, before recovering.
APE price chart. Source: TradingView
Studying BAYC’s OpenSea statistics revealed an intriguing pattern. From May to about June 18, the NFT maintained a consistent bottom price, averaging around 45 ETH. At this point, the bottom price was hovering around 38.6 ETH, indicating that a recovery was underway.
This development revealed a favorable relationship between increasing social interaction and price attempts to correct higher, suggesting a potential recovery in value.
However, according to the current assessment based on the market situation, this recovery level is still not worth it for speculators to consider holding in the short term, a rally to the 40 ETH price level could be held by players waiting for a bullish signal while the current price level still does not meet the above requirements.
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