Azuki, Yuga Labs, and the NFT Market Crossroads

CRYPT — Changes in market dynamics and swings in customer demand could both be behind the drop in azuki prices. Despite this, there is a lot of excitement surrounding the launch of the Azuki Elemental collection, which plans to feature 20,000 unique pieces. The guarantee that every Azuki and BEANZ wielder will receive an AirDrop of Soulbound Tokens (SBT) in addition to a locked Elemental NFT is what’s getting a lot of excitement right now. It is not yet clear whether the launch of the Azuki Elemental collection will lead to an increase in Azuki’s floor price or rekindle consumer enthusiasm for the entire collection.

The prices of other NFT collections produced by Yuga Labs have fared quite well, unlike Azuki’s steep drop in value. These one-of-a-kind digital assets continue to be in high demand, as evidenced by the fact that the Mutant Ape Yacht Club (MAYC) floor price has increased by 6.76% in the past twenty-four hours.

Along the same lines, the floor price of Meebits, which is another popular collection from Yuga Labs, saw a 1.88% increase over the same period. However, despite the fact that Yuga Labs’ NFTs have performed exceptionally well in terms of price floors, its accompanying token, APE, has struggled. In the second half of June, APE price fell 34.99% after previously testing a resistance level at $3.522.

The price action showed a series of lower lows and lower highs, which is a bearish indicator of price movement. Despite the recent drop in the price of APE, there were indications that a comeback might be possible. On June 9, after successfully testing the $1,953 level, the token started showing positive momentum. The price movement, on the other hand, was not strong enough to build a more robust positive trend.

When it comes to social engagement, APE has garnered a lot of interest recently, as evidenced by a 20% increase in social mentions and a 120% increase in engagement over the past month. sentiment, which indicated that the negative remarks of the APE outweighed the favorable sentiments.

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