BAYC floor price crashes to two-year lows; The beginning of a rebound?

• BAYC floor price dropped to its lowest since 2022, hitting 27.4 ETH.
• ApeCoin has also been on a far longer decline.

The Bored Ape Yacht Club (BAYC), a prominent collection of non-fungible tokens (NFTs), has faced significant challenges recently. The value of these unique digital assets has been steadily decreasing, sparking discussions in certain circles about the potential demise of NFTs. To gauge the severity of the situation, the extent of the decline in the minimum price, also known as the “floor price,” and how it has affected the value of APE Coin, the associated cryptocurrency, was examined.

Read ApeCoin (APE) Price Prediction 2023-24

BAYC moves closer to the floor

On 2 June, the minimum price for the Bored Ape Yacht Club non-fungible token collection experienced a significant drop, plunging below 30 ETH, equivalent to approximately $58,700. Data provided by OpenSea revealed that BAYC’s floor price hit a low point of 27.4 ETH, around $53,000, before experiencing a slight recovery. Notably, the last time BAYC’s floor price dipped below 30 ETH was in October 2021.

Furthermore, within the past seven days, the data from OpenSea indicated a 19% decrease in volume and a 6% decline in sales for BAYC. Simultaneously, the floor price experienced a 16% decrease during the same period. As of this writing, the floor price stood at approximately 31.5 ETH.

In addition, a closer examination of the Mutant Ape Yacht Club (MAYC) analytics revealed a decline in its floor price. Over the past seven days, MAYC’s floor price has decreased by 23%. However, sales for MAYC saw a 35% increase, and the volume also grew by 8% within the same timeframe.

Is APE following the BAYC trend?

Given its significance within the Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) ecosystems, the performance of ApeCoin (APE) naturally garners attention. However, a closer examination of APE’s daily timeframe chart revealed a prolonged downtrend.

Although there were a few value increases, the overall trend remained bearish. As of this writing, APE was trading at approximately $2.2, experiencing a marginal decline of less than 1%.

Source: TradingView

Also, the price trend depicted on the chart consistently remained below its short Moving Average (yellow line) and below the neutral line on the Relative Strength Index (RSI). These indicators suggested a predominantly negative market sentiment surrounding APE.

A price rebound scenario

Indeed, there is a possibility that the ongoing downtrend in the floor price of Bored Ape Yacht Club (BAYC) could potentially reverse if the price of Ethereum (ETH) experiences an upswing. ETH and other cryptocurrencies have been enduring an extended bear market. 

How much are 1,10,100 APEs worth today

However, a significant surge in the price of ETH would naturally contribute to an increase in value, potentially leading to a rebound.

The upcoming weeks will be crucial in determining whether BAYC has entered a prolonged decline or if the current situation is merely a temporary setback.