- BAYC’s social mentions and engagement increased.
- The NFT collection’s floor price decreased, leading to further market cap nosedive.
As one of the most valuable NFTs, it is unlikely not to find Bored Ape Yacht Club [BAYC] among the top collections with the most volume week-in and week-out. But the trend of the last 24 hours was not one of surging sales, but rather rising social attention.
Read Ethereum’s [ETH] Price Prediction 2023-2024
According to LunarCrush, BAYC’s social mentions increased 161% over the previous day. The metric collects data on the frequent share of asset discussion across all social media platforms. Hence, this implied that the NFT collection was tremendously considered by prospective traders on these platforms.
BAYC floor prices stay grounded
Despite the hike in mentions, the floor price of the Ethereum [ETH] NFT decreased. At press time, the average of the collection was 61.59 ETH. This amounts to $110,122 at the current price of the cryptocurrency.
A few months back, the same collection was exchanging hands for around 100 ETH. But one thing to note is that an increase in social activity does not automatically translate to an uptick in asset price.
Moreso, declining market capitalization would certainly not help the cause irrespective of the hike in other metrics. At the time of writing, the BAYC ma
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Author: Victor Olanrewaju
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