BAYC: Of social spikes, struggling ranks, and plunging floor prices

ambcrypto.com:

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.

Read Ethereum’s [ETH] Price Prediction 2023-2024

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.

Source: LunarCrush

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