Amid the week filled with turbulence in the realm of NFT, the Bored Ape Yacht Club (BAYC) NFT collection experienced a significant decline in its floor price. On Sunday, the floor price dipped below the 30 ETH, which is approximately equal to $58, 700, making a multi-year low unseen since October 2021.
According to the data from OpenSea, the Bored Ape Yacht Club has witnessed a decrease in the average price of its famous NFT collection around the crypto world. This mirrors a general cooling down of the NFT market. Similarly other prominent NFT collections like MoonBirds, Azuki, and Doodles have also faced declines in value over the past few months.
Based on the data from CoinGecko, the floor price of Bored Ape Yacht Club’s (BAYC) NFTs experienced a significant drop, reaching as low as 27.4 ETH (approximately $53,000) on Sunday evening. However, it managed to recover slightly afterward.
The last time BAYC’s floor price dipped below 30 ETH was back in October 2021, just before it surged to new heights during the NFT boom. At its peak, BAYC had reached an impressive floor price of 153.7 ETH (around $430,000) in April 2022.
Since April of this year, the floor price of this collection has experienced a significant decline, dropping by half. At the beginning of this month, it was trading at 64 ETH. However, as of now, there has been a slight rebound in the floor price of the collection, which stands at 33 ETH, as per OpenSea.
Over the past 24-hours, Bored Ape Yacht Club (BAYC) has witnessed a significant 18% decline in its trading volume. As of now, BAYC holds the distinction of being the largest NFT collection in terms of sales volume, with a trading volume of 1.2 million ETH, equivalent to a staggering $2.4 billion, according to data provided by CryptoSlam.
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