🐵 Seth Green Reunited With Stolen $300k Ape!- 11th June, 2022

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24hr Market Overview 📈

NFT Market Recap

On Friday, Opensea traded $23.6 million, the lowest day in activity so far in 2022. Trading volume is already sitting just below the lows of the range that has formed over the past month, and with Ethereums price falling below $1600 this morning, the markets are definitely looking weak.

There has been carnage across the ETH space with pretty much every project seeing losses.

Bored Ape Yacht Club (86.99 ETH, -14.9%) saw big losses, losing over $40 million from it's market cap in just a few hours. Yuga's Otherdeed (2.495 ETH, -14.7%) also suffered heavy losses.

One of the hardest hit projects yesterday was We Are All Going to Die (0.59 ETH, -55.5%), projects like this that exploded in popularity during the meme and storytelling meta over the past 2 weeks are easy candidates for huge retraces once the market starts to dump, as the community and holders have little attachment to the collection.

Nearly every other ETH project in the top 50 saw some type of loss, albeit some heavier than others.

With the CPI figures for May being revealed yesterday and markets across the world suffering losses, it isn't surprising that we have seen huge losses in the NFT space as people try to protect their liquidity.

One interesting observation we have made is that whilst 95% of ETH NFT projects generally dump in ETH valuation whilst the value of ETH declines. Over on Solana, whilst the price of Solana is falling, projects don't necessary see losses in their Solana value, and in fact some projects can still pump.

Projects such as DeGods which have very strong communities only saw very minor selling, with the price down just -0.26%.

Other Solana projects such as Shin Sengoku saw a 44% gain in floor price, something unheard in the ETH space whilst ETH is crashing.

We don't want to paint a picture that all Solana NFTs are performing fine in the bear market, and we acknowledge that many projects do take losses whilst Solana crashes. However, if you are looking for NFT trades to make, Solana would be a better choice in current market conditions.

With that being said, in current market conditions it is probably best just to observe.

Remember that you don't always need to buy the bottom, you can always wait and watch the wider markets turnaround before jumping into anything.

Biggest Purchases

🥇 #1)  Bored Ape #3804 bought for 165.005 ETH ($296,611.50)| Link

🥈 #2)  Bored Ape #7030 bought for 145 ETH ($260,650.84)| Link

🥉 #3)  Bored Ape #7818 bought for 120 ETH ($215,710.22)| Link

Latest NFT News 📰

🐵 According to Decrypt, Family Guy and Robot Chicken actor Seth Green has been reunited with the Bored Ape Yacht Club NFT he lost in a phishing attack last month. The phished Ape in question was sold on by the hacker to an unsuspecting collector, but Green managed to get in contact with the buyer and paid 165 ETH (~$295,000).

Today's Biggest Drops 👀

There's nothing much on our radar today. Check back tomorrow! 👻

Meme of the Day 🤣

Credit: (twitter.com/ThinkingBitmex)

That's all from us! Enjoy your weekend!

Disclaimer: The NFT Minter Daily DOES NOT provide financial advice. All content within this newsletter is for informational and entertainment purposes only. The NFT Minter Daily is not a registered investment, legal, or tax advisor or a broker/dealer. Trading any crypto-related asset is extremely risky and could result in significant capital losses.