NFT leaders sliding: floor down up to 18% in the last week (week ended August 26, 2023), volumes still robust

-18% on the floor of blue-chip collections in the last week, with Pudgy Penguins and Bored Ape Yacht Club (BAYC) among the most affected.

Despite the sell-off of Ether, volumes remain sustained: Pudgy Penguins leads with over 2,100 ETH traded, as reported by NFT Price Floor and supplemented by data from DefiLlama, with partial confirmations in the Web3 report by Chainalysis and updated market data on CoinGecko.

Update: analysis updated to August 26, 2025. The numbers reported refer to the week closed on August 26, 2023, unless otherwise indicated.

In the weekly cross-monitoring between on-chain sources and market aggregators, we have verified consistent patterns of redistribution: list and floor decreasing but volumes still high in selected collections.

The analysts who conducted the analysis (cross-referencing NFT Price Floor, DefiLlama, and public data from marketplaces like OpenSea) observe typical movements of take-profit and rebalancing towards wallets with a longer horizon.

Scenario: correction of floors after the drop of Ether

The recent decline of ETH has triggered a marked retreat of the floor price on several historical collections.

The week ending on August 26, 2023 highlights double-digit declines for many blue-chip assets, while on a weekly basis the traded liquidity remains high. It should be noted that the market is factoring in profit-taking, deleveraging, and rebalancing towards more liquid assets.

In brief: 5 key numbers (week closed on August 26, 2023)

• Floor minima: declines up to −18.9% (Doodles, floor at 0.73 ETH) (NFT Price Floor [data referring to the period]).
• Pudgy Penguins: floor −17.3% at 10.32 ETH (NFT Price Floor).
• BAYC: floor −14.7% at 9.59 ETH (NFT Price Floor [data referred to the period]).
• Top volumes: Pudgy Penguins ~2.112 ETH; Moonbirds ~1.979 ETH; CryptoPunks ~1.879 ETH (DefiLlama).
• NFT Market: aggregated capitalization around $7.7 billion (data referring to the close of the analyzed period) (NFT Price Floor).

Top collections: prices and weekly changes

The rotation is evident: not all collections move in the same way and the resilience remains heterogeneous. An interesting aspect is the different speed of adjustment between consolidated projects and more cyclical assets.

• Pudgy Penguins: floor −17.3% at 10.32 ETH
• Bored Ape Yacht Club (BAYC): −14.7% at 9.59 ETH
• Doodles: −18.9% at 0.73 ETH
• Moonbirds: change −10.5% [data referring to the period]
• Lil Pudgys: change −14.6% [data referring to the period]
• CryptoPunks: slight decline, approximately −1.35% (CryptoSlam [data for the period]).

The relative resilience of CryptoPunks confirms, albeit with a limited sample, the role of a safe haven in the segment compared to more cyclical assets.

Volumes: who moved the most despite the declines

The trading volumes remain the compass for reading real liquidity. In the period considered (seven days up to August 26, 2023), the on‑chain data indicates:

• Pudgy Penguins: ~2.112 ETH (USD values calculated at the exchange rate of the period)
• Moonbirds: ~1.979 ETH
• CryptoPunks: ~1.879 ETH
• BAYC: ~809 ETH [data referred to the period]

Falling prices and sustained volumes often coincide with phases of redistribution: transfers from short-term holders to wallets with a longer horizon. In this context, it remains to be seen whether these are signs of capitulation or simple rotation; the answer, as always, will depend on the evolution of the floors in the coming sessions.

ETH and NFT: why the connection remains crucial

Much of the valuations are expressed in ETH. When the currency falls, the wealth effect is reduced and risk aversion increases; the floors tend to react with rapid sell-offs and greater pressure on listings. It should be noted that, in recovery phases, the rebound is usually faster on collections with higher capitalization and greater liquidity.

Factors that amplified the correction

• Retracement of ETH after recent highs
• Take‑profit of collectors and traders
• Rebalancing towards more liquid assets and collections

What traders are watching to identify today’s “leading NFTs”

To frame the relative strength, some recurring metrics are useful. In practice, traders monitor:

• Stability of the floor over a 7–30 day horizon
• Consistency of volumes compared to the quarterly average
• Distribution of ownership and movement of key wallets
• Public roadmap and newsflow of the project, with attention to utility and IP licenses
• Presence on marketplace with book depth and transparent royalties

Current Strategies: Prudential Approaches Emerged from the Market

Today, a risk-aware approach prevails, combining on‑chain analysis and qualitative reading of the community. In summary, approaches such as the following are observed:

• Diversification among multiple collections to mitigate idiosyncratic risk
• Preference for liquid assets and with extensive data history
• Risk management: loss thresholds, monitoring of volumes and exposure to ETH

Global NFT Market: Capitalization and Sentiment

According to the findings of NFT Price Floor, the overall market capitalization is around 7.7 billion dollars (data referring to the close of the analyzed period).

The recent decline has eroded between 1 and 2 billion in a few days, indicating a strong correlation with the movements of Ether.

Consolidated industry reports also highlight that, over longer horizons, the interest of active addresses and the adoption of NFTs remain variable but present: for example, Chainalysis has documented growth trends in NFT participants during market expansion periods. In this context, the leading collections remain the barometer of investor confidence.

FAQ

Why do the prices of leading NFTs follow the trend of ETH?

Because most valuations and transactions are denominated in ETH. The token acts as a unit of account and directly affects market psychology.

High volumes with falling prices: signal of capitulation or rotation?

They generally indicate redistribution of assets: exit of short-term holders and entry of buyers with a longer horizon. Confirmation usually comes from the behavior of the floors in the following weeks.

What risks in the short term?

High volatility, low depth of the order books on some collections, and the correlation with ETH that can amplify downward movements.

Conclusion

The week ending on August 26, 2023 brought back into focus the connection between ETH and the leading NFTs: floor prices down by up to −18.9%, but volumes remain solid on the main collections.

The cross-reading of prices, volumes, and wallet distribution remains crucial for interpreting sentiment and distinguishing between moments of capitulation and phases of simple rotation. For real-time updates on prices and metrics, consult the aggregators and reports mentioned in the text.

Transparency Note

This article summarizes public data. For complete verifiability, direct links to specific tables/endpoints of DefiLlama and NFT Price Floor, precise timestamps for each figure, and the ETH→USD rate adopted are useful.

A direct quote from analysts or project teams would strengthen the authority; such integration may be provided in future updates. For real-time updated prices and metrics, consult CoinGecko and the reports of Chainalysis.