February 25, 2024

Azuki is among the most popular NFT collections in the marketplace. It witnessed its price falling after its founder exposed its previous relationship with abandoned non-fungible (NFT) token projects.

Azuki’s NFT noted a massive plummet, losing approximately 50%. The colossal plummet had its floor price plunging by 21% to hit 11 ETH (about $26,200), the lowest mark since late sessions in March.

Azuki Floor Price Drops 23% Over the Previous 24Hrs

Zagabond revealed the founding and abandoning of three projects in a year. However, the fictional founder unveiled his relationship with abandoned projects such as CryptoZunks, Tendies, and CryptoPunks. Azuki encountered a massive backlash across the internet. Meanwhile, that triggered uncertainty concerned with the project among holders and buyers.

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Amid fear and speculations, Azuki’s non-fungible token’s trading volume surged 1,329% over the previous day. Azuki’s floor price hovers around 14.88 Ether (around $35.5K). Prices have declined by more than 23.81% over the last day.

Appear like the non-fungible token collection saw a brief recovery due to opposite sentiments. Data shows the 24-hr trading volume hovering at 11,700 Ether (about $27.9 million) with approximately 760 sales.

Meanwhile, the NFT collection by Azuki plunged to the eighth spot among other leading projects. Its overall floor capitalization stood at 148,800 Ether (around $354.8K). Azuki touched the latest peak at 31.04 Ether (about $73.7K) on 4 May 2022.

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These developments come after the project witnessed booming prices, which had its slightly overtaking Bored Ape Yacht Club, the number one NFT project.

Zagabond Still Optimistic on Azuki

Zagabond revealed about using previous projects’ lessons to design Azuki. He added that Azuki targets long-term deals, unlike past projects. Whether bear or bulls, Azuki’s concentrate on the Web3. Nevertheless, making the shift might be challenging.

Meanwhile, most developers trust Zagabond did not include emotions in the announcement. They believe the founder acted to safeguard the project as the news about previous projects could appear anytime soon. Nevertheless, that triggered fear among participants, leading to declines.

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What are your thoughts about the updates by Azuki founder Zagabond? Feel free to utilize the comment area below for your comments.

Editorial credit: mundissima / shutterstock.com

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