May data from Yuga Labs: The darkest moment for the NFT leader?

2023-06-06 17:00

Read this article in 13 Minutes

In the past month, the prices of Bored Ape Yacht Club, Mutant Ape Yacht Club, and Otherdeed for Otherside have all dropped to their lowest point this year.

Source: NFTGo Research

Over the past month, the prices of Bored Ape Yacht Club, Mutant Ape Yacht Club, and Otherdeed for Otherside have all dropped to their lowest points of the year. The lowest price was on May 10th, and many traders entered the market. Surprisingly, out of all the NFTs created by Yuga Labs, MAYC had the highest monthly trading volume, at around 44,480 ETH.

BAYC Data Performance

May 10th hit the lowest point of the year

On May 10th, the floor price of BAYC dropped to its lowest point in a year at 40.95 ETH. Despite the decrease in floor price, the trading volume on that day was the second highest of the month. Since then, the price of BAYC has been steadily rebounding.

Market sentiment affects trading volume

From the data results, the market value of BAYC has been showing a continuous downward trend, dropping from 820,000 ETH to 460,000 ETH, a decrease of 44%. From a larger perspective, the trading volume in May was only half of that in April, reflecting the overall market sentiment being dominated by memes.

On May 10th, there was a slight change in the holding period of holders, with some holding NFTs for less than 24 hours. This indicates that there may be new users entering the market who want to engage in short-term arbitrage.

And it is worth noting that nearly 44.5% of holders have held their NFTs for over a year, and this percentage is steadily increasing. 10.51% of holders have not sold their NFTs since minting.

持有者数量开始反弹
The number of holders is starting to rebound.

According to NFTGo data, the peak trading volume this month occurred on May 2nd, followed by May 10th, with approximately 50 transactions per day. The lowest point was reached on May 20th.

Since last month, the number of BAYC holders has been declining. However, this trend seems to have reversed on May 10th, as the number of holders began to increase.

BAYC Holder Trading Activity Analysis

Blur is the most frequently used platform by holders.

According to Sealanuch data, over 90% of BAYC trading activity occurs on Blur, while OpenSea currently only accounts for 4.2%.

BAYC holders buy the most NFTs

Currently, the top five NFTs held by BAYC holders are Sewer Pass, BAYC, Otherdeed, Checks, and MAYC. It is worth noting that three of these series belong to Yuga Labs. In addition, some BAYC holders have chosen to invest in other popular NFTs this year, such as Checks-VV edition and open edition.

The most sold NFTs by BAYC holders

Similarly, the top five NFTs sold by BAYC holders are Sewer Pass, BAYC, Otherdeed, MAYC, and Checks. Therefore, we can assume that these NFTs have good liquidity.

The Whale's Reversal

machibrother.eth has always been an active trader in the market, and his recent on-chain activities can provide valuable reference for investors. Last month, machibrother.eth was one of the largest traders in terms of transaction volume, with 89 buys and 106 sells. By analyzing the trading trends, May 10th was the lowest floor price for BAYC, with only 40 ETH, which may be a potential buying opportunity for those interested in BAYC.

In addition, on May 10th, machibrother listed more than ten BAYC and MAYC on Blur. Machibrother's move may be to earn rewards on Blur, but it is important to consider past market reversals and trends before making any investment decisions.

Highest transaction price

In the past 30 days, the highest transaction price for BAYC was #4980, reaching 530ETH. The holder of this BAYC is 0x66666F, and its portfolio value is as high as 743.91ETH. In addition to #4980, the highest transaction prices for BAYC are #7403 and #6805.

Yuga Price and Forecast

Bored Ape NFT Listing and Price

NFTGo has released a beta version of its NFT pricing tool, which covers most mainstream NFTs. If you want to evaluate the prices of more NFTs, you can obtain an API key by filling out this form.

Yuga NFT Trading Signals

Possibility of Rise and Fall (NFA)

RSI Strategy: Trading signals designed based on the buying and selling strength characteristics of RSI. A signal to buy is given when it falls below the range of volatility, while a signal to sell is given when it rises above the range of volatility. The greater the deviation, the stronger the signal.

Apecoin Analysis

Legends of the Mara provides a complex game mechanism that includes a lot of strategic choices, each of which will lead to different outcomes.

Otherside Vessels

Otherside Koda

In the strategic ecosystem of Legends of the Mara, Otherside Koda plays a crucial role. As the primary guardian of Otherside, they excel in farming, spellcasting, and hunting, distinguishing themselves from Vessel in terms of functionality and value.

The trading data of Otherside Koda NFT and Vessels form an interesting comparison. Unlike Vessels, Koda's trading data seems more balanced, with the demands of buyers and sellers generally consistent. However, the number of Koda holders has increased by 3.07%, which is a larger increase than Vessels. This may be due to the increased utility of Koda in the game, which will attract a wider or more focused group of players.

The floor price and average selling price of Koda flooring have both decreased, but they were clearly higher before. From the initial release of 10.48 ETH floor price and 10.85 ETH average price, they have dropped to 6.8 ETH and 7.34 ETH respectively with the second update.

Legends of the Mara has great potential in the NFT gaming market. Developers and players alike are trying to strike a balance between economic incentives and gaming fun. Perhaps introducing in-game tutorials or comprehensive guides can help new players better understand the game mechanics.