azuki

One of my buddies bought Azuki and took a hard hit of 32 ETH $ETH .
Every bear market has its share of hyped-up projects,
that quietly tank and fade to zero,
like the once-hot NFTs,
where the floor price of #azuki has plummeted to 0.8 ETH,
with only $200,000 in trading volume over the past week.
Currently, the floor price is $1,300, compared to its peak of $170,000,
which means it’s down 99% and still can’t sell.
CryptoPunks are sitting at a floor price of 32.5 ETH,
and Bored Ape Yacht Club at 8 ETH,
both having a price but no market, with very low trading volume.

One of my friends spent 37 ETH on an Azuki back in 2022,
which he sold for 5 ETH two years later,
so he’s down 32 ETH, and it would be even worse now.
When the hype fades and the market stops speculating,
it really becomes a ghost town,
holding it has no value, and selling it fetches no price.
Buying into the trending NFTs is a badge of honor,
showing you were once passionate and involved,
but many of the nameless NFTs are just reminders of losses.
Who among us doesn’t have a few NFTs that have gone to zero in their wallet?

Falling to zero or getting hacked is a common storyline in a bear market,
like the recent hack of the Humanity project.
The team claimed it was a member's computer that got hacked, leading to private key leaks,
the attacker gained root access and admin wallet keys,
and massively inflated the token supply while dumping it on the market.
The price of $H tokens crashed from 0.8 to 0.009, a 99% drop.
Every time there’s a bear market, projects get hacked or compromised,
it’s easy to assume the project has pulled a rug,
the team packs up and moves on to start a new project,
leaving token holders with heavy losses and investments wiped out,
it’s tough to recover from that.
Even during a crash, some might try to catch the bottom for a rebound,
but they could end up buried,
just like the former LUNA,
which dropped 99% and could still drop another 99%.

There are also projects that have ceased operations,
unable to survive the bear market, shutting down for good,
like various BTCFi, Defi, DEX, DAO, etc.
For those who interacted with them,
it’s just regret over picking the wrong assets,
long hours of investing time and gas fees wasted,
there aren’t many quick ways to make money in a bear market,
but you can try to avoid the pitfalls and minimize losses,
for example, if $BTC drops, buy a bit,
hold on and wait for the next cycle, at least it won’t go to zero,
surviving in a bear market is the main goal; not losing money is a win.
#NFT​ #熊市生存指南