In March, Yuga Labs, makers of the Bored Ape Yacht Club, announced its acquisition of CryptoPunks. CryptoPunks have attracted a lot of attention thanks to the endorsements of celebrities and athletes. However, despite its fame, the project has witnessed significant backlash from the community.
Analyzing this ‘punk’
At the time of writing, the NFT marketplace generated total sales volume of approximately $20 billion according to CoinMarketCap. Although, given the ongoing bearish sentiment in the crypto market, many projects have fallen. However, CryptoPunks recorded another milestone that placed the project just below Axie Infinity when it comes to the all-time ranking of NFTs by volume.
CryptoPunks 24-hour trading volume rose 371% to $3.98 million, ranking second in 24-hour trading volume of the NFT market. In fact, at the time of writing, the platform witnessed a 560% increase as the trading volume crossed the $5.1 million mark.
Looking at insights on OpenSea, CryptoPunks did indeed enjoy a much-needed surge in the sales domain as can be seen in the chart below over 90 days.
Similarly, given the demand, the number of holders increased by more than 3% over the same period. Likewise, given the need, the current floor price rose to 53.8 ETH, with a market value of $1.67 billion.
Since January 2022, the NFT project has grown significantly in the total number of transactions, including an increase in the number of unique monthly users, to 501 transactions and sales volume of approximately $6.1 million.
All smiles here?
Well, that’s definitely not the case here for this project. The investor who bought CryptoPunk #273 for over $1 million less than seven months ago sold the NFT at $139,530 – with a huge loss of almost 80%. Out of the last 10 CryptoPunks sold, eight sold at a loss.
Such headwinds fueled much speculation and FUDs for this project.
This post Cyptopunks: Despite 560% spike in sales volumes, why is there fear in the air?
was published first on https://ambcrypto.com/cyptopunks-despite-560-spike-in-24-hour-sales-volumes-whys-there-fear-in-the-air/