CryptoPunks sales spiked by 560%, yet fear everywhere

In March, Yuga Labs, the creators of the Bored Ape Yacht Club, proclaimed the acquisition of CryptoPunks. CryptoPunks have captured much attention- because of endorsements from celebrities associated with athletes. However, despite the fame, the project has witnessed significant backlash from the community. The NFT marketplace yielded an overall sales volume of around $20 billion at press time as per CoinMarketCap. Although, given the continued pessimistic sentiment within the crypto market, many coins have suffered a fall.

However, CryptoPunks recorded a new milestone that placed the project below Axie eternity once it involved the all-time ranking of NFTs by volume.

Insights of CryptoPunks NFTs

The 24-hour commerce volume of CryptoPunks magnified by 371% to $3.98 million, ranking second within the 24-hour trading volume of the NFT market. In fact, at press time, the platform witnessed a 560% rise because the trading volume crossed the $5.1 million mark. Observing insights on OpenSea, and CryptoPunks, so enjoyed a way required transactions in the sales domain, as seen in the graph below over ninety days.

Likewise, given the demand, holders’ count increased by over 3% during a constant period. Likewise, given the need, this floor price rose to 53.8 ETH, with $1.67 billion. Since Jan 2022, the NFT project grew considerably in real group action counts, with a surge in distinctive monthly users, reaching 501 transactions and an approximate sales volume of $6.1 million.

Do investors need to fear?

Well, this isn’t the case here for this project. The capitalist who bought CryptoPunk #273 for more than $1 million lower than seven months ago sold the NFT for $139,530 at an enormous, nearly 80% loss. Out of the last ten CryptoPunks that are oversubscribed, eight were sold at a loss.

Such headwinds did produce loads of speculations and FUDs for this project.