Bored Ape Yacht Club (BAYC), one of the most prominent blue-chip NFT projects, has recently experienced a period of volatility with a decline in its floor price. However, amidst the market turbulence, there has been a notable increase in social engagement surrounding the project, indicating a renewed interest and enthusiasm from the community.
The bear market has taken its toll on BAYC, leading some holders to sell off their valuable NFTs, resulting in a decrease in the overall value of the collection. Despite this challenging period, recent data from Lunar Crush reveals a significant surge in social engagement for BAYC, with an impressive 322 million social engagements, marking a remarkable increase of 117%.
While the floor price has declined by over 10%, the surge in social presence suggests a resilient community and a renewed interest in the project, providing a glimmer of positivity amidst the downturn.
Analysing OpenSea analytics for BAYC unveils an interesting trend in the floor price. From May until mid-June, the NFT maintained a relatively stable floor price, averaging around 47 ETH. However, it experienced a downturn afterward, reaching as low as 35 ETH.
As of the time of writing, there are signs of a potential recovery, with the floor price hovering around 40 ETH. This positive development indicates a potential rebound in value, possibly influenced by the increased social engagement. Additionally, a closer examination of the OpenSea analytics reveals a correlation between the sales volume and price movement, with a decline in volume coinciding with the downward trajectory of the price.
Despite the floor price decline, BAYC has sustained its market capitalization ranking within the NFT ecosystem. According to DappRadar data, BAYC holds a market capitalization of approximately $1.3 billion, solidifying its position as the third-largest NFT collection. The total trading volume to date has surpassed an impressive $3 billion.
Furthermore, recent metric activity suggests that BAYC is gradually regaining momentum, indicating a positive trajectory for the future. This resilience in market cap and trading volume underscores the enduring appeal and significance of the Bored Ape Yacht Club within the NFT landscape.
While BAYC has faced a floor price decline in recent days, the surge in social engagement and the maintenance of its market capitalisation ranking demonstrate the continued interest and support from the community. The NFT ecosystem remains dynamic and influenced by various factors, but BAYC’s strong position and renewed enthusiasm bode well for its future prospects.
