Graph Source: @richardchen39 (Dune Analytics)
Sundays are usually a bit calmer than yesterday, but NFT action OpenSea reached near the same heights as the launch of the MAYC. Many projects had a great day yesterday starting with all three BAYC projects. The Ape projects are moving together because of the rumored $APE coin that may be announced sometime this year. It will be interesting to see if the BAYC team pursues a security as that path introduces quite a bit of additional scrutiny and regulation. But as we always say, a rising tide lifts all boats and over a 24 hour period almost all the top 50 projects were massively in the green. The other top projects included CloneX that came in with over 1700 ETH and SuperRare with 1686 ETH (Because of a $6m XCOPY sale).
|Mutant Ape Yacht Club
|Bored Ape Yacht Club
|Bored Ape Kennel Club
Is this NFT Bull sustainable?
At some point liquidity always dries up. We expected a lot of new excitement after the Holiday, but this level of interest is unprecedented. How long will the pump continue. We discuss frequently that 99% of all NFT projects are going to fail, new investors buying many of these projects at these levels may be in for a rude awakening.
What are your thoughts? We’d love your opinions in our discord