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Yuga Labs NFT Collections proceeds properly, but Apecoin could decline

Yuga Labs NFT collections proceed properly, but ApeCoin could face difficulties

Yuga Labs’ blue-chip NFTs reported strong growth in the majority of its key performance indicators during the previous week.

According to OpenSea data, the trade volume and sales of the well-known collection Bored Ape Yacht Club (BAYC) grew by 150% in the preceding seven days.

Mutant Ape Yacht Club (MAYC), on the other hand, saw a huge increase in both its floor price and trading volume over the previous week, virtually tripling both. MAYC’s sustained significance among NFT traders and collectors was indicated by the increase in the floor price.

Yuga Labs alleged IP theft

Surprisingly, Yuga Labs’ apparent use of an unlicensed design for the logo of their Bored Ape Kennel Club (BAKC) NFT collection ignited a heated debate, coinciding with the growth in the aforementioned areas.

In reaction to the allegations, Yuga Labs’ co-founder stated that the BAKC logo would be changed. The disputed wolf skull had been removed from OpenSea’s portal’s logo as of the time of writing.

According to WhaleStats, the ecosystem’s NFT token ApeCoin [APE] was also able to overcome the unfavorable impacts of this episode and became one of the most popular smart contracts among top Ethereum [ETH] whales.

Token unlock could affect Apecoin

Despite the whales’ interest, APE supply on exchanges grew, according to Santiment statistics. This indicator rose, indicating a bearish trend for the token’s price.

Many others were also uninterested in the on-chain data. The number of daily active addresses had dropped significantly during the past ten days. The falling network growth graph also indicates that the coin was unable to attract new users.

Yuga Labs: NFT collections proceed properly, but ApeCoin could face difficulties

Apecoin recently released some currencies into the market as part of their token unlock strategy.

Because of the increase in available supply, the price fell by up to 8%.

Investors were concerned about a further drop in the coin’s value because another unlock was due in a month.

According to CoinMarketCap, APE was trading at $5.71 at the time of writing, up 1.71% from the day before.

About MahKa

MahKa loves exploring the decentralized world. She writes about NFTs, the metaverse, Web3 and similar topics.

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