One thing worth noting today is that the price of Monkey BAYC has fallen a lot, triggering liquidation on Bendao, and causing some people who have held Monkey for a long time to start panic selling. So is this the collapse of the largest CX in the NFT circle?
In the past 30 days, the floor price has fallen from nearly 80 ETH to less than 50 ETH. Especially after falling below 50, it triggered a relatively large trading volume. The 24-hour trading volume of Monkey reached 2262 ETH, ranking first in the market.
Panic has already appeared in many BAYC groups, with many people asking why. There are also many people complaining that it was outsiders who came in to push up the price and are now cutting their losses.
In fact, an analysis of on-chain data shows that the recent wave of panic and plunge was caused by one person.
@franklinisbored is a big monkey owner, with 59 big monkeys. Since yesterday, he has listed many of them very close to the floor price, and 4 of them have been sold.
However, due to a large number of sell orders in the market, and even orders from very early holders, panic occurred, and some people began to place lower sell orders before his order price, further pushing down the floor price. Then this price drop triggered the liquidation mechanism of benddao, causing multiple mortgage monkeys to be liquidated, which in turn led to a major collapse.
Do you think he did this to sell his monkeys? No, his subsequent operations were amazing. He then mortgaged his 14 monkeys on Benddao, and used these ETH and the ETH from the 4 monkeys he sold to go to the Benddao auction channel, where he was the first to raise a sign under each liquidation monkey to participate in the auction, thereby earning the "first bid bonus" in the Benddao mechanism, which is a reward for encouraging everyone to participate in the auction of liquidated collateral, a total of 26 ETH.
Next, he either won the auction or bought back the monkey he sold in the already plummeting market, and earned 26 ETH at the same time. Sure enough, there are always people who can make money in this market, but now they are harvesting bloody chips from other people.
BAYC personally believes that it is similar to the status of Ethereum in NFT. Even though the price has fallen a lot in this bear market, it is still relatively resistant to decline compared with other NFT blue chips. Moreover, this series is backed by Yuga Labs, APE tokens, monkey land, and games, which is the biggest narrative in NFT IP. After surviving this bear market, there is a lot of room for imagination.
Friends who have money in their hands may wish to find a suitable opportunity to buy a favorite. Logically, you can refer to the concept of "gold in troubled times, antiques in prosperous times". Antiques are not valuable in troubled times. For example, during the Cultural Revolution, a large number of antiques were regarded as garbage. But after social stability, they are very valuable. With a story and sentiment, the price is very high. (NFA)
