The downfall of Bored Ape NFTs

Author

Daniel Akpobare
September 06, 2024

GM Explorer,

Imagine spending $429,000 on a digital cartoon ape, only to see its value crash by 93% to $27,600 in just a year!

Here’s what we got for you today:

  • 📉 The downfall of Bored Ape NFTs!

  • 🤑 Ethereum whale activity sparks price surge predictions!

  • 🧱 Around The Block: Robinhood faces $3.9 Million fine for crypto withdrawal restrictions.

📉 The Downfall of Bored Ape NFTs!

Bored Ape Yacht Club NFTs were once the crème de la crème, commanding prices as high as fancy sports cars.

Fast forward to today, and they're worth less than your average used car.

In fact, in ETH terms, the collection’s floor price plummeted by 91%—from 128 to 11 ETH! Talk about a serious nosedive.

So, what went wrong?

It’s the classic case of a hype bubble bursting. After an initial surge, everyone's enthusiasm faded suddenly, leading to a dramatic drop in trading volumes.

But then, it could probably be because the collection’s maker, Yuga Labs, had previously teased details about an upcoming Otherside game that never materialized.

Although they claim it’s still under development, but given how much enthusiasm has faded, we really don't think anyone cares anymore.

To make matters worse, the leading marketplace, OpenSea, which facilitated around 2 million ETH worth of Ape volume, is now facing a potential lawsuit from the SEC.

With all this chaos, you can't blame anyone for seeking cover before the storm hits, but is there any hope for the NFTs to bounce back?

Well, honestly, it’s not looking good; even the big shots and die-hard enthusiasts are jumping ship.

Take Tally Labs, for example. They built an entire universe around one of the Apes, complete with a novel by Neil Strauss, a New York Times bestselling author.

However, they're shifting direction right now, citing a lack of interest in this NFT project and all other projects. Yikes!

But here's the thing - Bored Apes are more than just a pretty face.

They represented a new era of digital art and community, where creators could connect with fans and make serious bank.

And even though the market has tanked, there could still be hope for a revival.

After all, we’re in the unpredictable crypto world, where anything can happen, right? We’ll hope for the best! 🤞

You can check out the full details here!

🤑 Ethereum Whale Activity Sparks Price Surge Predictions!

Ethereum has been in a rough patch.

Prices have dropped 15% over the last 10 days, reaching $2,400 as of September 4, but here’s where it gets interesting:

While ETH short-term traders are holding back from high-risk moves in anticipation of potential Federal Reserve rate cuts, big-time investors (whales) are quietly scooping up ETH.

These whales have been on a buying spree for the past 20 days since August 16.

In fact, on September 3 alone, they snagged an astounding 333,740 ETH, valued at around $800 million, making it the highest single-day whale inflow since March 13.

And since August 16, they have consistently seen more inflows than sales for 20 straight trading days.

Why does this matter?

In the past, this kind of whale activity has often preceded a price surge.

On March 13, for example, ETH prices skyrocketed to yearly peaks above $4,000 after whale inflows exceeded 370,000 ETH.

So, could history repeat itself? If it does, ETH's price might skyrocket by 85% to $4,000. However, as of the time of writing, it is $2,385.45.

The bottom line is to watch whale activity—it could signify big moves ahead.

For a more in-depth analysis, click here!

🧱 Around The Block

That's all we've got for you today.

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Catch you soon.

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell assets or make financial decisions.

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