Degen Apes Solana NFTs

Is the Degenerate Ape Academy NFT collection undervalued, with about a 2 ETH floor price (60 SOL) and Solana bouncing hard off its 2022 lows?

Since hitting $25.8 in June 2022 Solana has bounced as high as $46.1, currently trading at just over $40. On the SOL/BTC chart, Solana is up over 30% in June against Bitcoin.

That move to the upside for the Solana price was also helped by Solana creator Anatoly Yakovenko – who uses a Degen Ape NFT as his profile picture on Twitter – unveiling plans for a Solana mobile phone ‘Saga’ in New York this month.

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Degen Apes

Some fans of Solana NFTs consider many Solana NFT collections undervalued relative to their Ethereum counterparts.

That may be about to change if Solana can retest price levels close to its 2021 all time high ($260 in Nov 2021) or even set new highs in 2023 if the Solana phone is a success – unlike previous ‘blockchain phones’ by Sirin Labs and others.

Anatoly Yakovenko Twitter

Anatoly Yakovenko Twitter PFP

Some other potentially bullish news in terms of Solana NFT marketplaces was Magic Eden being valued at $1.6 billion in June – comparable to a valuation of OpenSea this time last year.

Degen Apes have been around a while – minted in August 2021 at a mint price of 8 SOL per Degen Ape. Like the Bored Ape Yacht Club, they have a total supply of 10,000 – but are yet to achieve a similar valuation.

Their 60 SOL floor is equivalent to 60 x $40 = $2,400 for the cheapest Degen Ape, roughly 2 ETH. Whereas the cheapest Bored Ape still goes for just over $100,000 now (a 91 ETH floor on OpenSea) despite a correction since May.

Floor price Magic Eden

Degen Apes Solana Floor Price

Within the last few days the floor price of Degenerate Ape Academy NFTs on Magic Eden pumped up from just under 45 SOL, suggesting holders now value their Degen Apes more highly and are less willing to sell at a low price.

Many NFT collections also saw an uptick in trading volume and floor price after NFT NYC went well last week with a record attendance of over 5000 people at the conference in Palladium Times Square.

Update – the SOL price closed a weekly candle at $39.4, recovering most of the losses of June so far.

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