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Bored Ape Yacht Club (BAYC) Sale Prices Sank by 60% in May

1 min
Updated by Kyle Baird
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In Brief

  • Bored Ape Yacht Club NFTs continue to decline in price.
  • BAYC sales volume also continued to fall in May.
  • Bored Ape Yacht Club NFTs closed the month of May below $200,000 in average sales price.
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Bored Ape Yacht Club took a backseat in value during the month of May after the NFTs saw a steep decline in their average sales price. 

May proved to be a tough month for the entire crypto finance space, especially non-fungible tokens. According to Be[In]Crypto research, BAYC ended May with a trading price of $152,658.

Although this figure may seem high compared to the prices of other NFTs such as NBA Top Shot, Otherdeed, The Sandbox, Azuki, Art Blocks, and its sister project, the Mutant Ape Yacht Club (MAYC), BAYC average values fell by 60% since May 1. On that day, BAYC NFTs were trading for an average price of $382,894.

Source: Bored Ape Yacht Club Price Chart by Nomics

What caused BAYCs price to decline? 

The crypto market crash that carried into May led to decreased investor interest in NFTs and is largely responsible for the sinking value of Bored Ape Yacht Club NFTs.

The total sales volume for BAYC NFTs in May 2022 was approximately $214.91 million. 

Source: BAYC May 2022 Sales Volume Chart by CryptoSlam

Although there was an increase in unique buyers (591) from 475 in April 2022 which led to a spike in total transaction counts (982), average sales values dropped. 

Bored Ape Yacht Clubs average sales value for May was $218,850. This was $89,666 less than April ($308,517), $35,324 below March ($254,175), $55,812 beneath February ($274,663), and $50,202 under January 2022’s average sales value of $269,053. 

The effect on ApecCoin (APE)

APE opened on May 1, 2022, with a trading price of $20.02. The token reached a monthly low of $5.25 and closed the month at $6.76. Overall, there was a 66% drop between the opening and closing prices of APE in May. 

Source: APE/USD Chart by TradingView
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Disclaimer

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. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

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Raphael Minter
As a writer, researcher, and analyst of centralized and decentralized financial instruments (stocks, commodities, metals, and cryptocurrencies), he started experimenting with financial asset trading in 2011. He ventured into full-time long term investing of cryptocurrencies in 2016.
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