The NFT market at a crossroads: All about Azuki, Yuga Labs, and more

• Azuki’s floor price experienced a significant decline, while Yuga Labs saw positive trends.
• APE’s price declined even as sentiment turned negative.

Azuki, a prominent blue chip NFT collection on the Ethereum [ETH] network, experienced a significant decline in its floor price over the past few days. Within the last 24 hours, the floor price of Azuki plummeted from 17.5 ETH to 14.11 ETH at press time, representing a decrease of over 11%.

Realistic or not, here’s APE’s market cap in BTC’s terms

Will NFT floor prices be impacted?

The decline in Azuki’s price could be attributed to market dynamics and fluctuations in demand. However, there is anticipation surrounding the launch of the Azuki Elemental collection, which aims to introduce 20,000 unique pieces.

The excitement is fueled by the promise that every Azuki and BEANZ holder will receive an AirDrop of Soulbound Tokens (SBT) along with a locked Elemental NFT.

It remains to be seen whether the introduction of the Azuki Elemental collection will have a positive impact on Azuki’s floor price and reinvigorate interest in the collection.

In contrast to Azuki’s falling prices, other NFT collections by Yuga Labs performed relatively well. Mutant Ape Yacht Club [MAYC] witnessed a 6.76% surge in its floor price over the last 24 hours, showcasing the enduring popularity and demand for these unique digital assets.

Similarly, Meebits, another popular collection by Yuga Labs, observed a 1.88% increase in its floor price during the same period.

Source: NFT GO

APE sees red

However, while Yuga Labs NFTs have thrived in terms of floor prices, the associated token, APE, has faced challenges. After testing the $3.522 resistance level, the price of APE declined by 34.99% in the latter half of June.

The price movement displayed multiple lower lows and lower highs, indicating a bearish trend.

Despite the recent decline in APE’s price, there were signs of a potential recovery. After testing the $1,953 level on 9 June, the token showed some positive momentum. However, the price movement wasn’t strong enough to establish a more robust bullish trend.

Source: Trading View

Read ApeCoin’s [APE] Price Prediction 2023-2024

Analyzing social engagement, APE garnered significant attention, with a 20% increase in social mentions and a 120% rise in engagement over the past month.

However, weighted sentiment declined significantly, indicating that APE’s negative comments outweighed positive sentiments.

Source: Santiment