Yuga Labs’ TwelveFold auction had this effect on Apecoin [APE]

ambcrypto.com:

Yuga Labs is in the news after it concluded the much-publicized auction of its inaugural Bitcoin-based non-fungible token (NFT) collection – TwelveFold. The top 288 bidders won one NFT each and will receive their inscriptions within a week, according to an update from Yuga Labs.

— Yuga Labs (@yugalabs) March 6, 2023

In fact, TwelveFold went on to add that the 24-hour auction raised 735 BTC or about $16.45 million, as per the press time market price. Also, the highest successful bid was 7.1159 BTC – Worth $159,282.

Yuga Labs added that unsuccessful bids that could not feature in the list of the top-288 will have their bid amount returned to the user’s receiving addresses in 24 hours.

Read ApeCoin’s [APE] Price Prediction 2023-24

The hype associated with auction failed to lift the spirits ofApecoin [APE] investors, however. Consider this – According to CoinMarketCap, the altcoin fell by 1.7% over a 24-hour period, at the time of writing.

Additionally, it’s worth pointing out that network growth went downhill after spiking in the early part of February. This indicated that new addresses were not too keen on amassing APE.

One reason could be the sharp drop in daily transaction volume in profit. Figures for the same contracted from $8.95 million in mid-February to just over $3.2 million, as of 6 March.

The negative MVRV Ratio supported the aforementioned deduction. The possibility of making losses on their holdings deterred new participants from joining