- Ethereum NFTs see a drop in interest with the surge of ETH.
- BAYC, MAYC and overall interest in ApeCoin is affected.
Ethereum [ETH] The price of Bitcoin has risen dramatically in the last couple weeks. Although this was a good thing for ETH investors, it wasn’t the case with Ethereum-based NFTs.
There is a divergence
According to Blur’s analysis, ETH’s price is increasing while NFTs are denominated by ETH have been declining.
Bored Ape Yacht Club, Mutant Ape Yacht Club, DeGods, Azuki, etc., all experienced significant drops in the past 24 hour period.
Blend currently has 70 blue-chip BAYCs, 110 MAYCs and 100 DeGods NFTs that are in liquidation auction status.
In context, the auction liquidation state often means that NFTs will be listed at auction for potential buyers to place bids on.
This term is often used to describe marketplaces and platforms which facilitate the purchase and sale of NFTs. It indicates that NFTs specified are currently part of an auction and available for bids by interested parties.
Collections such as BAYC and MAYC, popular collections of NFT, were among the ones that experienced the most corrections.
This could indicate that the addresses are more likely to be interested in ETH than the NFT collections. It would mean that the addresses had a greater faith in ETH than NFT collection on the blockchain.
ApeCoin gets impacted
ApeCoin tokens created by Yuga Labs, which also produced BAYC and MAYC have seen a price drop. APE’s price has dropped by 3.5% in the past 24 hours. At the time this was written, it was selling for $2.24.
APE showed a bullish pattern by showing multiple higher and lower highs.
Although the APE token was still gaining in popularity, network growth has declined. It was evident that there were fewer new addresses interested. APE’s chances to go green may be further hampered by the lack of new interest shown by addresses.
You can read more about it here ApeCoin’s [APE] Price Prediction 2023-2024
APE’s trading velocity had decreased as well. It was evident that traders’ frequency of sending and receiving messages had decreased.
APE’s price could fall even more in future.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
Source: ambcrypto.com