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CryptoPlaza🎩Ⓜ️💜 OG449
@especulacion
It's interesting to observe how the Bored Apes drop in value in ETH when ETH itself falls. If their price were pegged to the dollar, we would normally expect them to go up, since they'd be worth more ETH. However, I believe the most rational explanation is that they are the luxury items of ETH investors, and therefore when they need liquidity, they have to sell them—just like they would sell their jewelry
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CryptoPlaza🎩Ⓜ️💜 OG449
@especulacion
"In the end, they are digital luxury items within the Ethereum economy, which is where they hold social status. If that economy suffers, these assets are affected both in dollar terms and in ETH terms. However, they tend to have floors in ETH that they don’t fall below, making them one of the few assets where ETH acts, to some extent, as a unit of account.
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