BAYC floor price drops after major holder sells


One of the main holders of BAYC NFTs contributed to the decline.

According to data from Cryptowatch, the floor price of the Bored Ape Yacht Club (BAYC) collection has fallen to a five-month low of 55.59 ether (ETH).

The decline in NFT prices occurred after “franklinisbored” announced on Twitter that he had sold the majority of his holdings. On-chain data indicates that the user sold at least 27 BAYC NFTs over the course of 12 hours, securing 1439.5828 ETH ($2.8 million) as a result.

Franklinisbored explained that “unfortunate” life circumstances led to his decision to liquidate his NFTs.

Gm. Due to an unfortunate IRL issue, I have had to sell off a lot of BAYC apes to pay off BendDAO loans while the liquidity was available. I won’t get involved in NFT trading/twitter for a while, and will just focus on my private life for the time being with my remaining apes.

— Franklin (@franklinisbored) April 13, 2023

Multiple transactions from franklinisbored’s wallet to BendDAO were recorded by Etherscan, indicating that his explanation is plausible.

The dollar valuation of ApeCoin (APE), the governance token for the Bored Ape Yacht Club ecosystem, has remained stagnant in the last 24 hours, despite a decline in its trading pairs against ether, as per data from CoinDesk.

The post BAYC floor price drops after major holder sells appeared first on NFT News Pro.


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