Leading non-fungible token (NFT) collections have seen significant price drops to their minimums amid a decline in the price of Ethereum. According to data aggregator DeFiLlama, prices for top NFT projects have fallen by double-digit percentages over the past week.
Collections such as Pudgy Penguins, Bored Ape Yacht Club (BAYC), and Doodles have seen the biggest declines. Pudgy Penguins, the leader in both 24-hour and weekly trading volume, fell 17.3% to a minimum of 10.32 ETH. BAYC lost 14.7% to 9.59 ETH, and Doodles saw one of the sharpest corrections, falling 18.9% to 0.73 ETH. Moonbirds (-10.5%) and Lil Pudgys (-14.6%) also saw significant declines.
This decline coincided with a sharp pullback in Ethereum after reaching a new all-time high. According to CoinGecko, ETH hit a new all-time high on Monday, reaching $4,946. However, by Tuesday, the price had fallen 12% to $4,342. At the time of publication, Ether was trading at $4,433.
Despite the overall negativity, not all projects were affected equally. CryptoPunks, which remains the largest NFT collection by market capitalization, demonstrated resilience, down only 1.35% over the week.
At the same time, trading volumes in the NFT market remain high. Pudgy Penguins topped the rankings by turnover during the reporting week, with 2,112 ETH (approximately $9.36 million). Moonbirds took second place with a volume of 1,979 ETH (~$8.77 million), and CryptoPunks rounded out the top three with 1,879 ETH (~$8.33 million). BAYC trading volume amounted to 809 ETH (~$3.59 million).
The total market capitalization of the NFT market also declined. According to NFT Price Floor, it fell by almost 5%, reaching $7.7 billion. Earlier, on August 13, the capitalization peaked at $9.3 billion, which is 40% higher than the July figures ($6.6 billion). The increase was associated with market activity on the wave of ETH growth. However, by August 18, the total valuation of digital collectible assets fell to $8.1 billion, having lost $1.2 billion in just a few days.
