Bored Ape (BAYC) Price Sink To The Lowest It’s Been In A Year!
As the crypto winter continues on, the prices of NFT projects have followed in sinking to new yearly lows these past couple of months.
BAYC Floor Price
Bored Ape Yacht Club, arguably the biggest NFT collection in the entire world has recently seen its prices fall to new lows, prices that the project hasn’t seen since December of 2021.
For the first time this year, Bored Ape Yacht Club saw its collection’s floor price hit under 50 ETH, or around $63,000, down nearly 25 percent in the past seven days. The project’s current floor is also a massive drop in comparison to its yearly high of 144 ETH earlier this May.
The bored ape floor looks worse than the FTX balance sheet pic.twitter.com/jB09mr7C5h
— ThreadGuy 👑 (@notthreadguy) November 14, 2022
There are a number of possible causes for this sudden drop in floor, with the sudden fall and bankruptcy of FTX being one of the possible causes, according to the community.
Another reason why BAYC’s prices have dipped so much suddenly may also be due to the fact that popular NFT influencer and BAYC member @franklinisbored who is known to own lots of BAYC NFTs, had suddenly been listing a lot of his Apes.
2/ First, Franklyn lists a lot of his 59 apes close to floor, only 4 actually sell, but people panic and undercut him which pushes the floor price down. pic.twitter.com/wfPaqOegtX
— Spencer 🕺 (@sgsand1) November 14, 2022
Many in the community theorize that this action could have caused panic within the community, causing BAYC’s floor to dip below 50 ETH.