FTX’s recent questionable behavior has sent shockwaves through the halls of Web3. One such victim he Boad Ape Yacht Club It hits the once impregnable lowest prices hard.
Following FTX’s recent downfall, there was a sales event with all the hallmarks of a panic sale. Basically, the trading giant OpenSea is witnessing a surge in his WETH sales on the Ethereum network.
The percentage of WETH trades to total OpenSea trade volume exceeded 50% today for the first time. The chart below is pretty wild.
Everyone who accepts bids out there.
This is up from 40% when I tweeted this chart earlier. pic.twitter.com/5Zo66UPLfF
—NFTstatistics.eth (@punk9059) November 9, 2022
As a result of the latest cryptocurrency carnage, the BAYC collection currently has a dangerously low price of 57.5 ETH. It therefore teeters on a dangerous precipice as lenders start liquidating their holdings and collecting funds, exacerbating the problem by flooding the market with additional supplies of ‘cheap’ NFTs.
As it stands, BAYC’s dollar value has plunged 82% since its high-energy days on April 29th, with the collection dropping below 60 ETH for the first time in 2022. But even more surprisingly, the price in USD is the lowest since August 2021. Meanwhile, in his jpeg world of monkeys dealing with this cataclysmic event, Cryptopunks Reappeared as a top collection. The battle for NFT price floor supremacy turns the apes upside down again.
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*All investment/financial opinions expressed by NFT PLAZA are based on the personal research and experience of the site moderators and are intended for educational material only. , the product should be thoroughly investigated.

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