ON–123: Solana NFTs (Part 2)
Coverage on Okay Bears.
May 27, 2022
- The narrative of Okay Bears is everyone will all be fine together through the bear market. It's a PFP collection planning events, merchandise, and drops all exclusive to holders. The collection traded at ~50 SOL (~$5,000) 2 days after mint, a 33.3x gain in 48H. Then, Okay Bears reached an ATH at 210 SOL ($11,550) on May 16th. That huge gain was possible because of a low mint price and incredible traction on secondary market.
![](https://ournetwork.ghost.io/content/images/2024/02/https-3a-2f-2fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984-s3-amazonaws-com-2fpublic-2fimages-2f7832b2fe-46de-4c4f-bea8-c74ab9c16656_886x269-png.jpg)
- Volume reached an exceptional ATH at $186m (186,000 SOL) 4 days after the mint on Magic Eden, whereas OpenSea saw volume of approximately $12m. To put things in perspective, Moonbirds ATH volume was $120m (40K ETH) on Apr 17th, and BAYC volume ATH is $52.5m (16.4K ETH) on Aug 29, 2021.
![](https://ournetwork.ghost.io/content/images/2024/02/https-3a-2f-2fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984-s3-amazonaws-com-2fpublic-2fimages-2febe29003-fadc-439f-b7fd-1666e4f4258d_640x217-png.jpg)
- All this occurred while SOL’s price collapsed ~50%. The top 20 wallets own ~9.5% of the total collection.
![](https://ournetwork.ghost.io/content/images/2024/02/https-3a-2f-2fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984-s3-amazonaws-com-2fpublic-2fimages-2f3bf1890b-a7a5-45ac-9950-bf82925df39b_681x470-png.jpg)
![](https://ournetwork.ghost.io/content/images/2024/02/https-3a-2f-2fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984-s3-amazonaws-com-2fpublic-2fimages-2f7495e677-b7ff-4b63-bad0-e10afcb76aac_1340x100-88.png)