February 25, 2024

Bored Ape Yacht Club creator Yuga Labs declared CryptoPunks acquisition in March. Remember, CryptoPunks has gained lots of attention due to endorsements by athletes and celebrities. Nevertheless, the project saw a substantial counterattack from the community regardless of its fame.

Assessing the ‘Punk’

The non-fungible token (NFT) space yielded nearly $20 billion in total sales volume at this publication (data from Coinmarketcap). The current crypto market bearish sentiment had most projects suffering declines. Nevertheless, CryptoPunks presented a new milestone, which placed it beneath Axie Infinity as far as ATH NFT rankings by volume.

CryptoPunks witnessed its 24hr trading volume increasing to $3.98 million, following a 371% surge. That saw this punk ranking 2nd in the NFT market 24hr trading volume. Furthermore, the platform recorded a 560% surge at this publication, with the trading volume crossing $5.1 million.

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OpenSea’s insights show CryptoPunks enjoyed an essential surge in the sales domain. Meanwhile, the demand had holders’ count surging more than 3% at the same time frame. These developments saw the current floor price rising towards 53.8 Ether, with the market value at $1.67 billion.

The non-fungible token project experienced substantial growth in overall transaction counts since January 2022, hitting 501 transactions, with sales volume approximating $6.1 million. Also, the platform recorded an increase in distinctive monthly users.

Is everything Lucrative Here?

Meanwhile, that is not the case with this project. The market player who purchased CryptoPunk #273 for over $1 million nearly seven months ago suffered a staggering 80% loss after selling the non-fungible token for $139,530. Moreover, the last ten Crypto Punks sold had eight selling at losses. Such a narrative triggered FUDs and speculations for the project.

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Meanwhile, the crypto space continued to battle bears. The marketplace recorded upside actions in this publication. Nevertheless, bulls need massive strength to outshine bears as each recovery attempts encounter rejections within no time.

For now, the cumulative value of crypto assets stands at $1.30 trillion, following a 0.13% surge over the previous day. On the other side, overall cryptocurrency market volume noted a 9.33% within 24 hours to $87.24 billion.

Stay around for upcoming developments in the world of crypto.

Editorial credit: mundissima / shutterstock.com

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