BAYC: Of social spikes, struggling ranks, and plunging floor prices
- BAYC’s social mentions and engagement increased.
- The NFT collection’s floor price decreased, leading to further market cap nosedive.
As one of the most valuable NFTs, it is unlikely not to find Bored Ape Yacht Club [BAYC] among the top collections with the most volume week-in and week-out. But the trend of the last 24 hours was not one of surging sales, but rather rising social attention.
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According to LunarCrush, BAYC’s social mentions increased 161% over the previous day. The metric collects data on the frequent share of asset discussion across all social media platforms. Hence, this implied that the NFT collection was tremendously considered by prospective traders on these platforms.
BAYC floor prices stay grounded
Despite the hike in mentions, the floor price of the Ethereum [ETH] NFT decreased. At press time, the average of the collection was 61.59 ETH. This amounts to $110,122 at the current price of the cryptocurrency.
A few months back, the same collection was exchanging hands for around 100 ETH. But one thing to note is that an increase in social activity does not automatically translate to an uptick in asset price.
Moreso, declining market capitalization would certainly not help the cause irrespective of the hike in other metrics. At the time of writing, the BAYC market cap was 673.79 ETH. This implied the total value of the collection had reduced due to the decreasing status of its outstanding circulating supply.
However, some holders of the Yuga Labs-developed assets basked in elation despite the drawdown. On Twitter, a pseudonymous account that probably holds Crypto Punk 6529 and BAYC pointed out that the market cap of the collection was now more than that of the crises-filled bank Credit Suisse.
Market cap CryptoPunks + BAYC: $3.65B
Market cap Credit Suisse: $3.25B
well-played Credit Suisse – 167 years of work as one of the two leading Swiss Banks to end up being worth about the same as our cartoon zombies, apes and humans
— 6529 (@punk6529) March 19, 2023
Lo, and behold — a Yuga Labs collab
Meanwhile, the drop in floor price has spread to impact BAYC’s sales volume. Over the past few weeks, the collection swung between the first and second position in most sales. But as of this writing, BAYC was fourth, as it accounted for $8.34 million in volume over the last seven days. This represented a 6.10% drop in transactions within the period.
Realistic or not, here’s ETH’s market cap in BTC’s terms
While some Ethereum NFTs, including Crypto Punks and Azuki registered increased, BAYC’s sister collection Mutant Ape Yacht Club [MAYC] also followed in its path. At the time of writing, MAYC was also down 33.17% in the last seven days.
Following the occurrences, the broader Ethereum NFT volume ended the last 24 hours with a decrease in volume to $16.85 million. This has happened in the face of a 10.67% hike in the past one week. Needless to say, this implies that the correlation between crypto prices and collectibles might not always align.