In the last 24 hours, demand for Bored Ape Yacht Club (BAYC) NFTs has skyrocketed. The 24-hour trade volume of the collection increased by 176 percent. The surge is mostly due to increasing whale buying, after the Bored Ape Yacht Club collection’s floor price fell below critical thresholds.
BAYC is a one-of-a-kind collection of NFTs on the Ethereum blockchain that continues to attract celebrity investors, business leaders, and crypto whales. Because the apes are valued in ETH, their USD floor price has plummeted in recent weeks, mirroring the global cryptocurrency market’s downturn.
Bored Ape NFTs are being snapped up by whales amid a price drop
The floor price of BAYC today has plummeted to a minimum of 100.85 ETH in the last seven days. Whales were enticed by the huge drop in floor price during the last 24 hours.
Whales bought 5 out of 11 collections near the floor price of 109 ETH in the last 24 hours, according to data from 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.
Whale in the crypto world Jeffrey Huang paid the maximum price of 140 ETH for the Bored Ape Yacht Club #7858 NFT, which is worth $423,433.41.
In addition, the BAYC and Mutant Ape Yacht Collection (MAYC) have stayed in the top 5 NFT collections for the past 24 hours, indicating that the collection is still popular.
Meanwhile, the Bored Ape Yacht Club collection will be included in Coinbase’s three-part film “The Degen Trilogy” next year, and the firm is actively seeking Bored Ape characters and story ideas from BAYC owners.
The Price of ApeCoin (APE) Is Waiting For An Uptrend
The price of ApeCoin (APE) has risen considerably in the last seven days, reaching a high of $13.46. The news that BAYC and ApeCoin would be featured in the Coinbase film trilogy, as well as reports that APE would be listed on Robinhood, sent the price of APE up by 20% from April 12 to 14. The price is currently swinging sideways in the $12-$12.50 range.
Nonetheless, with increased interest from whales and improved market attitudes, the price of BAYC linked APE will climb.
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