In the last 24 hours, the market for Bored Ape NFTs (BAYC) has surged. The collection’s trade volumes increased by 176% due to increasing whale buying, as the floor price of the Bored Ape Yacht Club collection dropped below key levels.
BAYC is a unique collection of NFTs on the Ethereum blockchain that is gaining traction among celebrities, businesses, and crypto whales. Given that the apes are valued in ETH, their USD floor price has dropped dramatically in recent weeks, following a drop in the world’s second-largest cryptocurrency.
The floor price of BAYC today has decreased to a low of 100.85 ETH in the last 7 days. The dramatic decline in floor price over the last 24 hours caught the interest of whales. In the last 24 hours, whales purchased 5 of 11 collections near the floor price of 109 ETH, according to NFTGo.io. The BAYC collection is currently priced at 109.50 ETH.
Furthermore, the overall market value is $996 million, with 6,419 addresses held. The crypto whale Jeffrey Huang spent the highest price of 140 ETH for the Bored Ape Yacht Club #7858 NFT, which is worth $423,433.41.
The BAYC and Mutant Ape Yacht Collection (MAYC) have remained in the top 5 NFT collections in the last 24 hours, signalling that the collection is still in high demand. Meanwhile, the Bored Ape Yacht Club collection will be included in Coinbase’s three-part film “The Degen Trilogy” next year, and the company is currently seeking Bored Ape characters and story ideas from BAYC owners.
The ApeCoin (APE) price has risen significantly in the last 7 days, reaching a high of $13.46. The mention of BAYC and ApeCoin in the Coinbase film trilogy, as well as reports of APE listing on Robinhood, drove the price of APE up by 20% from April 12-14. The price is currently moving sideways in the $12-$12.50 range.
Nonetheless, the price of the BAYC-linked APE will increase as whale interest grows and market sentiment improves.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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