The demand for Bored Ape Yacht Club (BAYC) NFTs has skyrocketed in the last 24 hours. The collection’s 24-hour transaction volume surged by 176 percent. The increase is mostly due to increased whale purchases, since the Bored Ape Yacht Club collection’s floor price has fallen below key levels.
BAYC is a one-of-a-kind collection of NFT on the Ethereum blockchain that continues to draw celebrities, business leaders, and crypto whales’ attention. Because the apes are worth ETH, their USD floor price has plummeted in recent weeks, matching the worldwide cryptocurrency market’s decline.
During a price drop, whales buy bored ape NFTs
In the last seven days, BAYC’s floor price has dropped to a low of 100.85 ETH. Whales were intrigued by the dramatic drop in the floor price during the preceding 24 hours.
According to statistics from NFTGo.io, whales bought five out of eleven collections at the floor price of 109 ETH in the preceding 24 hours. The BAYC collection costs 109.50 ETH right now. Furthermore, the total market value is $996 million, with 6,419 addresses under control.
The whale of cryptography Jeffrey Huang paid the maximum price of 140 ETH for the $423,433.41 Bored Ape Yacht Club #7858 NFT.
Additionally, throughout the last 24 hours, the BAYC and Mutant Ape Yacht Collection (MAYC) remained in the top five NFT collections, demonstrating that the collection is still popular.
Meanwhile, Coinbase is taking character and narrative entries for the Bored Ape collection, which will be included in the three-part film “The Degen Trilogy” next year.
The Price of ApeCoin (APE) Is Waiting for an Uptrend
The price of ApeCoin (APE) has risen significantly in the last seven days, hitting a high of $13.46. The news that BAYC and ApeCoin will be included in the Coinbase film trilogy, as well as rumours of an APE listing on Robinhood, sent the APE price up 20% from April 12 to 14. The price is now moving sideways between $12 and $12.5. Nonetheless, as whale interest develops and the market mood improves, the price of BAYC-linked APE will rise more.