In recent weeks, CryptoPunks, one of Ethereum’s oldest collections, has seen a drastic rise in activity. According to OpenSea’s sale chart for the last 60 days, the average price is 60 ETH. However, when looking at the last week, the average price has risen to 74 ETH. Besides the skyrocketing value, the last 2 months have seen 50,000 ETH worth of volume, while the collection has recorded 9,000 ETH in the last week alone. Many are crediting the rapid rise in price to the collections history and blue-chip status, citing that investors are looking to enter the project at cheaper prices during the bear market.
Between July 8th and 9th, CryptoPunks saw 51 sales, or 4,000 ETH worth of volume, outperforming BAYC by an astronomical 2300 ETH. The rise in demand accompanied by high bids allowed the collection’s floor price to grow by 10% in just 24 hours. The uptick in volume for the project has yet to slow down with the collection doing more than 2340 ETH ($2.7 million) volume in the last day alone.
Besides the sudden rise in floor price, the CryptoPunks have seen multiple offers above 300 ETH ($350,000) with bids on tokens such as Punk #2386 exceeding $2 million in the past 24 hours. Traders are left wondering what is causing the sudden surge within the CryptoPunks ecosystem considering that the collection barely saw movement during the 2021 Q4 bull market.
Many were surprised by the Punks’ uptick considering that projects such as BAYC have released more news as of late. The reason behind the growth is unclear with many possibilities being brought to the surface. Some say it’s due to investors utilizing the collections history and proven success as a hedge against inflation, others say there is news coming soon, while the rest believe that CryptoPunks will outperform ETH in the short term. Whatever the reason may be, the project’s volume during the bear market has been met with a bullish sentiment among investors.