Bored Ape Yacht Club NFT Crashed 189%, Sinks to August 2021 Low

• Bored Ape Yacht Club (BAYC) NFT floor price sinks to 17.58 ETH.
• Bored Ape Yacht Club is now priced at its lowest level since August 2021.

Amidst a continuous downturn in the NFT market, the Bored Ape Yacht Club (BAYC) has witnessed its floor price plummet to 17.55 ETH or $66129.98, marking a significant dip since August 2021, when it last dipped below 20 ETH. This decline represents a significant 189% decrease from its peak of 153.7 ETH or $579155 and highlights the challenges that premier NFTs are facing in the current landscape.

Bored Ape Yacht Club (BAYC) Price chart (Source: NFT Price Floor)

The decline in BAYC’s floor price mirrors a broader cooling trend across various NFT collections, including Milady, MoonBirds, Azuki, and Doodles, all of which have experienced dips in recent months. The prolonged winter in the NFT market, compounded by fluctuations in Ethereum prices, has contributed to the downward pressure on valuations. However, Ethereum has now shifted to a bullish trend, reaching a price of $3,770.

BAYC’s Trading Activity on the Rise

Despite the slump, trading activity within the BAYC ecosystem has shown signs of recovery, with a 26% increase in trading volume recorded over the past 24 hours. BAYC’s trading volume now stands at 2,542.7 ETH, equivalent to approximately $9.5 million, and has increased to 6573.25 ETH over the past week, solidifying its position as the largest NFT collection by sales volume.

In the last month, Bored Ape Yacht Club NFTs have gained considerable attention, with sales reaching up to 1362 ETH and an average price of 18.049 ETH, equivalent to $92 million in current valuation.

The floor price, a key metric signaling the popularity and demand for NFT projects, serves as a barometer for market sentiment. Despite the recent downturn, the heightened trading activity and continued interest in BAYC underscore its enduring appeal within the NFT market.