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.
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.
Content Source: coindesk.com