Mutant Ape NFT Trading Volume Surges By Nearly 300% Following News Of SEC Investigation Into Yuga Labs

The last 24 hours have seen a sharp increase in trading volume for Yuga Labs’ NFT collections Mutant Ape Yacht Club (MAYC) and Bored Ape Yacht Club (BAYC), as both unexpectedly experienced a surge in market activity.

MAYC NFTs rise in volume of more than 300% on various exchanges

Data from CryptoSlam shows that the transaction volume for MAYC NFTs was $1.02 million, a rise in volume of more than 300% on various exchanges.

A similar pattern was observed for BAYC, which, according to data, saw an 86% daily increase in trading volume at $1.8 million.

Soon after it was revealed that Yuga Labs, the company behind the two NFT collections, was under investigation by the U.S. Securities and Exchange Commission for possible violations of federal law, there was an upsurge in the amount of MAYC and BAYC deals.

Yuga Labs has not been charged with any misconduct, thus the investigation may not lead to a legal dispute, therefore the investigation’s opening is not a done deal. It fits into a pattern of increased regulatory scrutiny of cryptocurrency-related operations.

According to MAYC’s OpenSea trading records, 24 NFTs—deals in which owners accepted bids below their indicated prices—were made out of the 37 MAYC transactions that were completed in the previous day. This shows a pattern of probable collection sell-offs.

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