- This week, the FUD about the Bored Ape Yacht Club has hit an all time high, as its floor price continues to plummet.
- Down 78% from its ATH on April 30, 2022 (153 ETH), and down nearly 50% in just the past 90 days, the FUD about BAYC on NFT Twitter has been loud this week.
- Meanwhile, the CryptoPunks’ floor has fared somewhat better. It’s down 60% from its ATH (125 ETH) on Aug. 28, 2021, and around 25% in the past 90 days.
Why is the Bored Ape floor price plummeting?
- Yuga Labs secured $450 million in seed funding, so there’s no reason for panic. It continues to develop its Otherside gaming metaverse, with Daniel Alegre, formerly of Activision Blizzard, at the helm.
- But, when compared to Yuga’s other blue-chip collection, the CryptoPunks, the recent drop in floor price has to be reason for concern.
- We will explore possible reasons for the precipitous drop. Back shortly.