- ApeCoin and other NFT tokens like Enjin and Tezos plunged this week.
- The floor price of Bored Ape Yacht Club (BAYC) NFTs has crashed.
- Justin Bieber’s NFT, once valued at over $1M is now valued at $56k.
ApeCoin’s APE token price was in a sharp decline this week as concerns about the health of the Bored Ape Yacht Club (BAYC) ecosystem continued. It plunged to a low of $1.87 on Friday, the lowest level on record. As it dropped, other popular NFT tokens like Enjin also continued their downward trend.
BAYC NFT prices plunge
An important news this week was the plunge of activity in Bored Ape Yacht Club, the biggest NFT collection in the world. The prices of most NFTs in the ecosystem have plunged by more than 90% from their peak values. A closer look at the floor price shows that it dropped to 27 ETH on Friday, down from a peak of 153 ETH in 2022.
Individual BAYC NFTs have seen worse drops. For example, Justin Bieber’s BAYC NFT has a floor price of about $56,000, down from a peak of over $1.3 million. The same is true for other tokens of celebrities like Rick Ross, Katy Perry, and Paris Hilton.
Data compiled by CryptoSlam shows that investors have sold Bored Ape Yacht NFTs worth over $19 million in the past 7 days, a 74% increase from the previous week. The number of transactions in the ecosystem has also jumped by over 100%. Total BAYC owners has dropped by almost a percentage point.
It is unclear why the floor price of BAYC NFTs has crashed hard in the past few days. Also, it is hard to predict whether these tokens will bounce back again any time soon. In the past, we have seen many crypto projects implode and then stage a major comeback. As shown below, the volume of BAYC transactions has been falling.
ApeCoin and Enjin coins plunge
The sharp decline in Bored Ape Yacht Club NFTs has had a major impact on cryptocurrencies in the industry. ApeCoin, which was launched by Yuga Labs, the creator of Bored Ape Yacht Club, has crashed to its all-time low. The volume of sellers of the token has also jumped during the BAYC meltdown.
The decline has also affected Enjin Coin, which has no association with ApeCoin and the Bored Ape Yacht Club. Enjin is a blockchain that is fully focused on the NFT industry. The developers recently launched Enjin Blockchain, which house the EN token. As part of the transition, the Efinity Token (EFI) will merge with ENJ.
Other popular NFT tokens like Immutable X and Tezos also retreated, as shown in the chart below.
Contributors
