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    Home » NFT News » PXN Ghost Division x Ragnarok Meta Drop 60% Value Post Reveal

    PXN Ghost Division x Ragnarok Meta Drop 60% Value Post Reveal

    By Janelle BorgMay 19, 2022Updated:February 3, 20232 Mins Read

    Despite the crypto crash, Ragnarok got to 3 ETH and PXN got 4.5 ETH pre-reveal. However, these values quickly fell by 60% in the four days post-reveal. One NFT Twitter detective explained it all.

    PXN and Ragnarok's values plummet
    PXN as well as Ragnarok’s values plummeted 4 days after their NFT reveal.

    Why did PXN and Ragnarok’s values plummet?

    According to @punk9059, or NFTstatistics.eth, both the PXN as well as the Ragnarok crash are due to pump-and-dump tactics pre-reveal. NFTstatistics.eth uses other projects that have experienced a similar crash, including Los Muertos World, Shinsekai Portal and EightBitMe.

    According to NFTstatistics.eth, “It’s an unforgiving time. All these sets below have minted in the past 2 months; pumped & did 450+ ETH volume in one day got floor above 0.5 ETH but now floor down 50%+; less than 20 ETH of daily volume.”

    NFTstatistics.eth continued: “In a low-FOMO market: Sell anticipation when you are blessed with it. Pre-reveal NFTs or NFTs that have upcoming airdrops. Enjoy the pump but sell before the news. If you’re excited about something, wait till the reveals to buy.”

    Other Twitter users commented saying that people should wait until the market recovers before buying anything. Others suggested collections and projects should focus on roadmaps instead. One user even went as far as to point out that anime NFT collections PXN and Ragnarok have failed due to wash trading.

    The crypto crash and NFT projects

    Undoubtedly, the crypto crash has had a significant impact on NFT projects, especially nascent ones. Morgan Stanley predicts an NFT crash. This is because NFTs are the next most speculative and leveraged sector. In addition, some of the most popular NFT collections have declined in price. According to CryptoSlam, the weekly NFT trading volume has fallen from $1.07 billion in August 2021 to $23.6 million in May 2022.

    However, not all is doom and gloom. According to DappRadar, Rarible trading volume increased by 18%, while OpenSea transaction volumes increased by 8% in the last 30 days. Therefore, a well-thought-out NFT project with a solid roadmap and community can indeed survive and thrive despite the current crash.

     


    All investment/financial opinions expressed by NFTevening.com are not recommendations.

    This article is educational material.

    As always, make your own research prior to making any kind of investment.

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    Janelle Borg
    • Website

    Janelle is a freelance content writer with a passion for all things related to music, marketing and tech. She looks forward to bringing you more news relating to the fast-paced world of Crypto and NFTs from her home office in Brighton.

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