• The Bored Ape Yacht Club (BAYC) collection has plummeted 90% from its all-time high.
• The floor price for the collection is now around $58,440 and is the lowest it has been in over a year.
• BAYC remains one of the most popular collections traded and has 30-day trade volume of $48.8 million.
BAYC Has Tanked 90%
The Bored Ape Yacht Club (BAYC) NFT collection has plunged 90% from its all-time high. On July 3, Reflexivity Research co-founder Will Clemente revealed this slump in value for one of the leading collections in the industry.
Floor Prices Plummet
Floor prices for BAYC have dropped significantly over the last week, now sitting at just below 30 ETH or approximately $58,440 according to NFT marketplace OpenSea. This is its lowest level since it was first introduced over a year ago.
High Trade Volume
Despite this fall in value, BAYC remains one of the most actively traded collections with reported 30-day trade volume of around $48.8 million according to CryptoSlam data. In May, CryptoPotato revealed that traders were selling off their Apes to buy PEPE memecoins instead but recently a cyber thief stole two such tokens worth 70 ETH on July 1st.
This theft was highlighted by security firm Peckshield who alerted users about “Fake_Phishing182232” stealing two Apes – #2330 and #8177 – late last week. As per their report, another entity known as “Crypto_Pleb_113924” also managed to pilfer an Ape worth 45 ETH earlier that same day before attempting to steal another token worth 20 ETH which failed due to an expired gas price limit set on transfer attempts from certain wallets and contract addresses belonging to Yuga Labs‘ NFTs .
NFT Recovery Unlikely Any Time Soon
All these events indicate that there won’t be any recovery for NFTs anytime soon as crypto markets gain momentum once again without them following suit so far away from their previous highs