The prominent blue chip NFT collection, Azuki, recently experienced a notable decrease in its floor price. In contrast, NFT collections by Yuga Labs, such as Mutant Ape Yacht Club and Meebits, continue to exhibit resilience and demand.
Over the past few days, the floor price of Azuki, a leading NFT collection on the Ethereum network, has witnessed a significant decline. In the last 24 hours alone, the floor price plummeted from 17.5 ETH to 14.11 ETH, representing a decline of over 11%. The decrease can be attributed to market dynamics and fluctuations in demand.
However, anticipation surrounds the upcoming launch of the Azuki Elemental collection, which aims to introduce 20,000 unique pieces. The community is excited about the promise of an AirDrop of Soulbound Tokens (SBT) and a locked Elemental NFT for Azuki and BEANZ holders.
The impact of the Azuki Elemental collection on the floor price and overall interest in the collection remains to be seen, offering the potential for a revival.
In contrast to Azuki’s falling prices, other NFT collections by Yuga Labs have performed relatively well. Mutant Ape Yacht Club (MAYC) witnessed a 6.76% surge in its floor price over the past 24 hours, showcasing the enduring popularity and demand for these unique digital assets. Similarly, Meebits, another popular collection by Yuga Labs, observed a 1.88% increase in its floor price during the same period.
While Yuga Labs NFTs have thrived regarding floor prices, the associated token, APE, has faced challenges. After testing the $3.522 resistance level, the price of APE declined by 34.99% in the latter half of June, indicating a bearish trend with multiple lower lows and lower highs.
Despite the recent decline in APE’s price, there are glimpses of potential recovery. After testing the $1,953 level on June 9, the token showed some positive momentum, but it wasn’t strong enough to establish a more robust bullish trend.
Analyzing social engagement, APE garnered significant attention, with a 20% increase in social mentions and a 120% rise in engagement over the past month. However, weighted sentiment declined significantly, indicating a prevalence of negative comments outweighing positive sentiments.
While Azuki’s floor price experiences a decline, Yuga Labs NFTs remain resilient, indicating ongoing interest in the NFT market.