BAYC on a rollercoaster, here’s what’s going down

• BAYC’s floor price declined to as low as 35 ETH as FUD emerged.
• BAYC maintained the third-largest market cap despite the floor price decline.

Over the past few days, Bored Ape Yacht Club [BAYC] has experienced a rollercoaster ride of emotions. Some holders parted ways with their valuable blue chip NFTs, causing a wave of Fear, Uncertainty, and Doubt (FUD).

However, there was a glimmer of hope amidst the chaos. According to the latest data from Lunar Crush, the social engagement surrounding BAYC has been on a steady rise, showing renewed interest and enthusiasm from the community.

BAYC social engagements spikes

BAYC has faced a bumpy road lately as the bear market has finally taken its toll. This downturn has prompted some holders to sell off their NFTs, decreasing the NFT’s overall value.

However, amidst this challenging period, recent statistics from Lunar Crush offered a glimmer of positivity. The blue-chip NFT has experienced a remarkable surge in social engagement over the past week. 

Source: Lunar Crush

Furthermore, the data indicated an impressive 322 million social engagements, representing a significant increase of 117%.

Despite the decline in the floor price, which has dropped by over 19%, the NFT’s social presence has soared, suggesting a resilient community and a renewed interest in the project.

The trajectory of BAYC floor price

Analyzing the OpenSea analytics of BAYC unveiled an interesting trend. From May until around 14 June, the NFT maintained a stable floor price, averaging approximately 47 ETH. However, things took a downturn afterward as the floor price declined, reaching as low as 35 ETH. 

As of this writing, there were signs of a recovery in progress, with the floor price hovering around 39 ETH.

This development suggested a positive correlation between the increased social engagement and the price’s attempt to correct upwards, indicating a potential rebound in value.

Source: OpenSea

Furthermore, a closer examination of the OpenSea analytics revealed an interesting correlation between the sales volume and the price movement. It became apparent that the decline in volume coincided with the downward trajectory of the price.

However, there was some positive news to be found. As of this writing, there was a slight upward trend in both the volume and the price. 

24-hour and 30 days sales volume

The 30-day sales volume data from Crypto Slam showed that BAYC had experienced notable trading activity within that timeframe. As of this writing, the total sales volume over the past 30 days surpassed $50.7 million, signifying a substantial increase of over 27%.

Additionally, the recorded sales transactions during this period stood at 598. This figure represented a considerable growth of over 21%.

The 24-hour metric revealed even more encouraging statistics. The sales volume within 24 hours exceeded $6 million, showcasing a remarkable surge of over 300%.

Similarly, the number of sales transactions during the same timeframe amounted to 62, indicating an extraordinary increase of over 220%.

BAYC maintains market cap ranking

Furthermore, examining the data on DappRadar revealed that BAYC had maintained its ranking within the NFT ecosystem, even amidst its recent decline.

As of this writing, BAYC held a market capitalization of approximately $1.3 billion, solidifying its position as the third-largest NFT collection. Its total trading volume to date surpassed a remarkable $3 billion at the time of writing.

Moreover, recent metric activity indicated that BAYC was gradually regaining momentum, suggesting a positive trajectory for the future.