According to Odaily, Cirrus, an advisor at Arcade.xyz, recently shared on platform X that four months ago, when the floor price of Bored Ape Yacht Club (BAYC) fell below 25 ETH, certain addresses swept in more than 1% of the supply in an attempt to buy at the bottom. However, the value of these BAYC has now dropped by approximately 1400 ETH, equivalent to 4.3 million USD.
Blur data indicates that the temporary floor price of BAYC is reported at 13.4 ETH, with a 7-day drop rate of 7.66%. This significant decrease in value has raised concerns among investors and stakeholders in the crypto market. The Bored Ape Yacht Club (BAYC) is a popular NFT collection that has seen significant interest and investment in recent years. However, this recent drop in value indicates a potential shift in the market dynamics.
The crypto market is known for its volatility, and this recent development with BAYC is a clear example of that. Investors are advised to exercise caution and conduct thorough research before making any investment decisions in this market.