Pudgy Penguins, BAYC, and Doodles Lead Double-Digit Declines
The NFT market faced a sharp downturn this week, with top blue-chip collections experiencing double-digit losses as Ethereum (ETH) pulled back from its all-time high. Data from DefiLlama shows that floor prices of leading NFT projects plunged significantly over the past seven days.
NFT Floor Prices Drop Amid ETH Correction
Pudgy Penguins, one of the most traded NFT collections, saw its floor price fall 17.3% to 10.32 ETH. Similarly, Bored Ape Yacht Club (BAYC) declined 14.7% to 9.59 ETH, while Doodles recorded the steepest drop at 18.9%, falling to just 0.73 ETH. Other major projects like Moonbirds and Lil Pudgys slid 10.5% and 14.6%, respectively.
The decline coincided with ETH’s sharp retracement after hitting a new record of $4,946 on Monday, according to CoinGecko. Ethereum fell 12% to $4,342 on Tuesday before stabilizing near $4,433 at the time of writing.
While most blue-chip NFTs plunged, CryptoPunks remained relatively stable, posting only a 1.35% weekly decline. Despite price drops, trading activity stayed strong.
- Pudgy Penguins led trading volume with 2,112 ETH ($9.36 million)
- Moonbirds followed with 1,979 ETH ($8.77 million)
- CryptoPunks recorded 1,879 ETH ($8.33 million)
- BAYC saw 809 ETH ($3.59 million)
The broader NFT market was not spared. According to NFT Price Floor, the NFT market capitalization slipped nearly 5% to $7.7 billion. Just days earlier, on Aug. 13, the market peaked at $9.3 billion, driven by heightened NFT activity during ETH’s rally from July’s $6.6 billion levels. By Aug. 18, valuations fell further to $8.1 billion, erasing $1.2 billion in value.
Analysts suggest that the close correlation between NFT prices and Ethereum volatility will likely continue. As ETH stabilizes, NFT projects could see renewed demand, but market uncertainty remains high in the short term.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.