BAYC Seeking Recovery-the Growing Volume Suggests, APE Unable to Respond

BAYC is the most traded NFT in the last thirty days.

The collapse of the FTX exchange has troubled the crypto market, and the NFT sector was badly affected, although several crypto lending firms have filed for bankruptcy. When all crypto products were struggling in the market and prices of all crypto products were decreasing simultaneously.

Bored Ape Yacht Club(BAYC) was among the most profitable NFTs, and the trading volume of BAYC in the last 30 days is appreciable according to data from DappRadar Bored Ape Yacht Club is the most traded NFT in November 2022.

Sources:-DappRadar(Trading Volume of BAYC)

It can be noted that the top five NFTs were similarly trading as BAYC and seemed to be least affected after the FTX collapse, and it is important to note that no e of the BAYC holders sold their collections in the last thirty days.

ApeCoin, the so-called native token of BAYC(Bored Ape Yacht Club), was found struggling in the last thirty days and lowest traded at $2.63 and while writing this article, ApeCoin(APE) is trading at $4.10 with 24-hour trading volume of $167,505,605.72

On November 18, 2022, TheCoinRepublic reported that Justin Beiber purchased a Bored Ape Yacht Club #3001 from the prominent NFT marketplace, OpenSea.

Justin bought it in January this year for 500 ETH, for which he paid about 1,311,170 USD, given the contemporary ETH trading price of 2,622 USD.

According to reliable data, the Canadian singer’s BAYC NFT dropped to the floor price of about 57.5 ETH. In terms of USD, the digital art piece currently costs approx 70,113.20 USD.

Rap God Eminem and Doggfather Snoop Dogg have shed their magic again. This time, the BAYC theme was used during the MTV Video Music Awards 2022. Both rappers performed their latest song ‘From the D 2 the LBC’ at the event.

Some of the popular promoters of BAYC are Elon Musk, Justin Bieber, Neymar, Madonna and Eminem.

On December 3, 2022, TheCoinRepublic reported that Coinbase is reported to discontinue the ‘The Degen Trilogy’ project without disclosing the clarification behind doing so. Coinbase spokesperson said that the company is evolving its content strategy, which made them stop producing the remaining two parts of the promised films.

Meanwhile, the company is looking for the best creative path forward and “continues to focus on more immediate creative endeavours,” he added.

Although the company did not clarify the reasons, many within the crypto community cited the decision as right. The first part did not perform well and was not up to expectations. It received a lot of criticism from the community. The broader NFT market has also tanked since then.