Cyptopunks: Despite 560% spike in sales volumes, why’s there fear in the air

In March, Yuga Labs, the creators of the Bored Ape Yacht Club introduced the acquisition of CryptoPunks. CryptoPunks have captured loads of attention- because of endorsements from celebrities and athletes. However, regardless of the fame, the undertaking has witnessed important backlash from the group.

Analyzing this ‘punk’

At press time, the NFT market yielded an total sales quantity of round $20 billion as per CoinMarketCap. Although, given the ongoing bearish sentiment in the crypto market, many tasks have suffered a fall. However, CryptoPunks recorded a brand new milestone that placed the undertaking slightly below Axie Infinity relating to the all-time rating of NFTs by quantity.

The 24-hour buying and selling quantity of CryptoPunks elevated by 371% to $3.98 million, rating second in the 24-hour buying and selling quantity of the NFT market. In truth, at press time, the platform witnessed a 560% rise as the buying and selling quantity crossed the $5.1 million mark.

Looking at insights on OpenSea, CryptoPunks, certainly loved a a lot wanted uptick in the sales area as seen in the graph under over 90 days.

Source: OpenSea

Likewise, given the demand, holders’ rely increased by extra 3% inside the identical interval. Likewise, given the want, the present ground value rose to 53.8 ETH, with a market worth of $1.67 billion.

Source: Larvalabs.com

Since January 2022, the NFT undertaking grew considerably in complete transaction counts, together with a surge in distinctive month-to-month customers, reaching 501 transactions and an approximate sales quantity of $6.1 million.

All smiles right here?

Well, this actually isn’t the case right here for this undertaking. The investor who purchased CryptoPunk #273  for greater than $1 million lower than seven months in the past sold the NFT for $139,530 — at an enormous nearly 80% loss. Out of the final 10 CryptoPunks which were offered, eight had been offered at a loss.

Such headwinds did create numerous speculations and FUDs for this undertaking.