BAYC, ApeCoin, Coinbase- Decoding the NFT mania

ambcrypto.com:

Bored Ape Yacht Club, a community of 10,000 NFT Apes with distinct characteristics, has seen a roller-coaster ride since its inception. Not so long ago, the said community launched its ERC-20 utility and governance token, ApeCoin. Consequently, investors rushed to buy BAYC NFTs to acquire the new token.

According to Opensea, the floor price of BAYC NFTs rose from 92 ETH to around 107 ETH just within a few days. This stat reached an impressive 122.4 mark at press time as per Dune Analytics. 

The flagship community witnessed a surge in secondary seven-day sales figures as well. According to CryptoSlam, BAYCrecorded sales just shy of the $28 million mark. It lay just behind the Mutant Ape Yacht Club collection that saw $31 million in seven-day secondary sales.

However, the red picture now seems to be an effect of the price correction within the crypto market. Longs, or positions of traders betting on upward prices, took the biggest hit. It accounted for nearly 90%, or $386 million, of all losses in the past 24 hours. Shorts saw a relatively lower $44 million in losses.

Source: Cryptoslam

Indeed, an impressive mark. Especially, after NFT marketplaces experienced a strong hit of negative sentiment that deepened towards the end of Feb after the invasion of Ukraine.

Likewise, BAYC went down approximately $311 million,representing a $200 million fall in volume in 28 days. The NFT is widely known for its unique appeal so much so that America’s largest cryptocurrency exchange, Coinbase, on 12 April, announced that it wouold create an interactive movie featuring BAYC.

Although, Coinbase didn’t provide further details but tweeted “definitely something” on April 12 featuring the BAYC and ApeCoin community.