According to data from The Block, the floor price of Bored Ape Yacht Club, on June 25, fell to its lowest level of below 34 ETH since late 2021. Other famous collections like CryptoPunk, Azuki, MAYC, Clone X and Doodles also showed signs of falling in price.
Some attributed the price drop to the actions of Whale Jeffrey Huang, better known as Machi Big Brother, who suddenly sold off 50 BAYC NFTs. Huang also recently caused controversy when he sued “on-chain detective” ZachXBT for embezzling 22,000 ETH from a defunct crypto treasury management platform that Huang had co-founded.
However, Lior Messika, head of Eden Block, one of the investment funds behind Yuga Labs, believed that the BAYC crash was caused by speculators. Today’s NFT market rewards traders and speculators, not builders utilizing the underlying IP in creative and valuable ways, he said.
“Sadly, the market is now dictated by the fear and greed of a few traders, and collectors across the space are struggling to find footing in this new reality,” Messika added.
BAYC NFTs hit an all-time high (ATH) at 128 ETH, or $240,000. With the current price of 34 ETH, Messika thinks Yuga Labs is unlikely to do much in response to recent price pressure. However, he still believes that Yuga is a project to grow long-term experiences and utilities. This approach will bring the best outcomes for Yuga when expanding the market.