Bored Ape Kennel Club (BAKC) saw a substantial plunge in sales volume during June due to bearish market trends that were carried over from May.
Bored Ape Kennel Club is among the top 20 non-fungible tokens (NFTs) by all-time sales volume. As of July 15, BAKC had a total sales volume of around $339.57 million. According to Be[In]Crypto research, Bored Ape Kennel Club had a sales volume of approximately $4.09 million in June.
This figure was among the lowest monthly sales in the top NFTs when compared to NBA Top Shots, Mutant Ape Yacht Club (MAYC), Art Block, Azuki, CloneX, Bored Ape Yacht Club (BAYC), Doodles, CryptoPunks, Moonbirds, and Otherdeeds.
This marked a 73% plunge in sales from May. In May, BAKC’s sales volume was roughly $15.24 million.
With that said, June’s sale was above that of Axie Infinity, Meebits, and VeeFriends.
New to Bored Ape Kennel Club?
Bored Ape Kennel Club was launched in June 2021 as an offshoot of the highly successful NFT collection, the Bored Ape Yacht Club (BAYC). Unlike BAYC which went on sale on several NFT marketplaces, BAKC was not available for sale.
Instead, it was offered to holders of Bored Apes. Although there are 10,000 Bored Apes out there, 400 holders did not participate in the adoption of the Bored Ape Kennel Club. As a result, the total number of BAKC NFTs out there stands at 9,602.
The developer behind the project is Yuga Labs. This is the same company behind BAYC and MAYC that acquired CryptoPunks from Larva Labs in March.
Why the crash in sales?
Looking at the decrease in the number of unique buyers in June, the decline in sales volume led to the dwindling transaction counts of BAKC, with 347 unique buyers, and 479 transactions.
In relation to Jan, when BAKC tested an all-time high in monthly sales, there were 1,623 unique buyers and 2,564 transactions.
By the end of Jan, Bored Ape Kennel Club sales were in the region of $61.52 million.
After recording less than $10 million for the first time since Oct ($5.61 million), BAKC reached new lows in June, which was a $57.42 million fall in sales from Jan.
Aside from sales volume, the average sale value also took a massive hit. There was a 64% dip in the average sale value from $23,993.51 in May to $8,552.02 in June.
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.