Bored Ape Yacht Club (BAYC) price drops 20% in a day

LAGOS (CoinChapter.com) — The current decline in the price of digital assets seems to be affecting the entire non-fungible token (NFT) market as the floor price of the Bored Ape Yacht Club (BAYC) collection has dropped significantly in the last 24 hours.

In detail, the floor price of the popular NFT collection dropped by more than 20% on the day, data from Crypto Slam revealed. Notably, BAYC’s floor price dipped to 75 ETH, worth around $92,650 at the time of publication.

The latest price drop means BAYC has been down by nearly 25% in the last 30 days. Although in the last seven days, the popular NFT collection floor price has also decreased by 18%.

Furthermore, the changing market dynamics have affected not just the floor price but also the volume of sales for BAYC. The collection sales volume is currently down by more than 90% in the last 24 hours, sitting around $4 million.

The ownership of the NFT is also in a downtrend as the NFT collection also hit this metric by 0.5%. However, the collection sales transactions and amount of active wallets have increased significantly in the last 24 hours.

Despite the price drop, the NFT project remains at the top in the NFT marketplace. BAYC is currently the leading collectible, according to OpeanSea and Crypto Slam rankings of NFT collection by sales volume.

Potential Attack Responsible For BAYC Price Drop

Meanwhile, the BAYC price drop comes amid a broader decline in the entire cryptocurrency market following the collapse of TerraUSD. However, reports of a possible attack on Yuga Labs, BAYC’s parent firm, have been signaled as the main reason for the recent price plunge.

Gordon Goner, the pseudonymous co-founder of Yuga Labs, reported a potential phishing attack on Yuga Labs through his official Twitter handle. After receiving credible information, he warned that an insider from Twitter would help bypass Yuga’s account security.

“We’ve been in contact with Twitter and they confirmed that they have an active monitor on the accounts and security has been escalated. We’re feeling more secure, but please stay safe everyone.”

Goner added.

Goner further reiterated that Yuga Labs would never conduct surprise mints, warning investors not to fall victim to hackers’ exploits. Recall that Yuga Labs’ BAYC and OtherSide Discord servers were recently breached, resulting in over 145 ETH stolen.

Meanwhile, Justin Taylor, head of consumer product marketing at Twitter, has since debunked the report. In addition, Taylor noted that it was highly unlikely that anyone would breach user security to help attackers exploit people.

ApeCoin (APE) Price Drops 18%

The price of BAYC’s cryptocurrency ApeCoin (APE) also suffered a significant loss alongside the entire crypto market. According to data from Coingecko, APE in the last 24 hours declined by more than 18% to trade at $3.50.

As a result of the slump, the token market cap has also lost over $800 million since June 1. BAYC’s APE currently has a market cap of $1 billion with a 24-hour trading volume of $548 million.

Additionally, the token has plunged roughly 60% since the launch of Yuga Lab’s metaverse project, Otherside. It has also dropped more than 85% from its all-time high two months ago.