Experts have termed 2022 as among the most challenging years for digital assets. Meanwhile, the past two months have meant a rough journey for the non-fungible token market.
NFT sales volume resorted to downsides over the previous months, triggering a nearly 63% sales drop to 9,000, whereas the figures declined by over 87% in USD.
While publishing this blog, this figure hovered near the $12K level. Primary & secondary sales, active wallets, and unique buyers & sellers all lost between 40% and 80%. Should you be ready for more bloodshed?
Just Warning Signals
What might worsen the condition? First and foremost, illicit activities might impact market sentiment. Unfortunately, that’s the scenario here. Yuga Labs (Bored Ape Yacht Club creator) alerted about a coordinated attack eyeing several NFT communities. The team raised flags on the July 19 tweet.
Nevertheless, that was not the initial time investors received the warnings. Yuga Labs’ co-founder Gordon Goner warned about a potential attack via his Twitter account in June. Such negative cases might halt any projected growth for the NFT projects.
ApeCoin Analysis
Bored Ape Yacht Club’s native token shows life signs regardless of what seemed like a mini setback for apes. The weekly surges emerged after APE launched uptrends on July 16.
The altcoin gained about 36% within the last three days. Meanwhile, this unprecedented surge appeared after Yuga Labs welcomed 4,300 gamers to its Otherside metaverse gaming demo.
Meanwhile, some on-chain indexes show the native token saw faded investor interest lately. Users appear uncertain as far as the coordinated attack is concerned. Nevertheless, APE enjoyed improved sentiment that pushed Bitcoin well past the $22K mark.
While publishing this post, APE changed hands at $6.27, following a 7.81% upsurge over the past day. Also, Bitcoin remained elevated, hovering around $23.581. That ensured massive relief for investors who have stared at downturns in recent months.
The crypto world flashed green today, with large-cap assets noting impressive gains. Nevertheless, some analysts claim the worst isn’t over yet? What are your thoughts?
You can use the comment section below for your opinions.
Editorial credit: David Esser / shutterstock.com
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