The Bored Ape Yacht Club floor price dropped to 27 ETH (about $53,000) over the weekend. This is the lowest level in nearly two years.
The crypto community has many speculations on what happened to the Bored Apes on Twitter. The simplest explanation may also be the best, as The Block Research analyst Brad Kay argues.
“Market prices are set by buyers and sellers. and in the current situation We seem to be running out of buyers,” Kay said, adding that the dumping of large holders of the Bored Apes could also have a negative effect on prices.
One major Bored Ape holder known as Machi Big Brother, or Jeffrey Huang in real life, has made waves recently by selling a large number of NFT monkey images on the Blur market in an attempt to score bonus tokens. The market offers traders
In addition, the current NFT market is weak and lacks liquidity in many measures, which has resulted in price declines. As well as NFT sales prices for top collections such as Doodles, Azuki and CryptoPunks have also suffered.
“If there is no demand for your JPEG images, the price will drop until they are available.”use Twitter name @0xak_ specify
Users named NFTstats.eth or @punk9059 alsoTwitter post Over the weekend to release data that provides insights into market illiquidity, NFTstats.eth said that “over 80%” of NFTs in popular collections like Bored Apes and CryptoPunks “yet. Never sold once in 2023.”
refer : LINK
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