Key Points
- Ethereum’s price surge coincides with a drop in Ethereum-based NFT prices.
- ApeCoin’s price and network growth have also declined.
Ethereum’s price has seen a significant increase recently. However, this positive trend hasn’t extended to Ethereum-based NFTs.
Ethereum and NFTs: A Divergence in Trends
Blur’s analysis reveals that the rise in Ethereum’s price corresponds with a decrease in NFT prices. In the last 24 hours, prominent drops have been observed in several NFTs, including Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC).
Currently, there are 70 BAYC, 110 MAYC, and 100 DeGods NFTs in auction liquidation status, indicating they are actively listed for auction. This suggests that these NFTs are part of an ongoing auction process and are available for bidding.
ApeCoin’s Decline
ApeCoin, associated with Yuga Labs, creators of BAYC and MAYC, has also seen a drop in price. Over the last day, ApeCoin’s price fell by 3.35%, trading at $2.24 at the time of writing.
However, this decline hasn’t been significant enough to reverse the bullish trend exhibited by ApeCoin. Despite the ongoing bullish trend, the network growth around ApeCoin has declined, indicating a decrease in the number of new addresses interested in the token.
The velocity at which ApeCoin was trading has also fallen, suggesting a decrease in the frequency of transactions. These factors could potentially drive down the price of ApeCoin further in the future.
