SEC Crackdown Leads to Surge in Stoner Cats’ Secondary Sales
After the Securities and Exchange Commission’s (SEC) actions against the Stoner Cats NFT project, there has been a whole lot of increase in both the floor value and trade volume of the digital collection. Data from opensea.io and nftpricefloor.com shows that the floor value peaked at 0.084 Ethereum (ETH), equivalent to approximately $136. Prior to the SEC’s intervention, the floor value of Stoner Cats was around 0.0189 Ethereum (ETH), or $30.73 based on prevailing exchange rates.
About Stoner Cats NFT Collection
Stoner Cats is an NFT collection with a cannabis theme that is linked to an animated series featuring feline characters enjoying leisure time with an elderly woman getting high. The creators of the show are Mila Kunis and Ashton Kutcher, and it likewise features Seth MacFarlane from “Family Guy,” along with Chris Rock and Jane Fonda. According to data from opensea.io and cryptoslam.io, the project is held by a range of unique addresses, estimated to be between 3,863 and 5,192.
Secondary Sales and Ownership Details
According to metrics from cryptoslam.io, Stoner Cats has generated $28.16 Million in secondary sales since its launch in July 2021. The project consists of 10,420 Stoner Cat NFTs, each sold at 0.35 Ethereum (ETH) during the initial sale. Since July 2021, a total of 9,091 buyers have acquired a Stoner Cat NFT, with an average holding period of 10.72 days. Between the 3,000 to 5,000 holders, one address (0xfc9) owns 451 NFTs, accounting for 4.33% of the Stoner Cats collection. Another address was known “coco.eth” holds 350 NFTs, which is 3.36% of the total minted.
Hot Take: Impact of SEC’s Actions
The SEC’s crackdown on the Stoner Cats NFT project has had unintended consequences, causing a surge in both the floor value and trade volume of the collection. This demonstrates the influence regulatory actions can have on the cryptocurrency market, with investors responding to news and adjusting their trading behavior accordingly. Although while the SEC’s intervention may have at the beginning caused uncertainty and volatility, it has likewise sparked renewed interest in Stoner Cats, leading to increased demand and higher prices. The incident serves as a reminder of the interconnectedness between regulatory actions and the performance of digital assets in the cryptocurrency space.
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