Sales of Bored Ape Yacht Club NFTs Spike as Floor Price Drops
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One of the biggest NFT collections, Bored Ape Yacht Club has enjoyed a trading volume increase of more than 176% to reach almost $1 million
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The increased trading activity has been triggered by a drop in floor price to 100.85 ETH
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The decline in floor price has pushed Whales to acquire more of the NFTs in anticipation of a price rise
The demand for the Bored Ape Yacht Club (BAYC) NFT has skyrocketed in the last 24 hours as the collection’s trading volume surged by 176%. The sudden rise can be attributed to increased investment from whales after the collection’s floor price dropped below key levels.
BAYC which is one of the world’s most popular non-fungible tokens has continued to gain interest from celebrities, and cryptocurrency whales. Since the tokens are priced in ETH, their floor price in ETH has dropped sharply in recent weeks, following a decline in the cryptocurrency market.
In the last 7 days, the price of Ethereum has dropped by more than 6% to $3,042. This in turn has led to the floor price of Bored Ape Yacht Club NFTs dropping to 100.85 ETH.
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Data from NFTGO.to has shown that whales have acquired 5 out of 11 collections near the floor price of 109 ETH in the last 24 hours.
At the moment, the price of BAYC collection is 109.5 ETH, while the market value stands at $996 million. Meanwhile, the collection is held in 6,419 addresses.
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