Author : Zack
Date : Dec 05,2022
Bored Ape Yacht Club [BAYC] fared admirably in addition to escaping the turmoil
Bored Ape Yacht Club [BAYC] fared admirably in addition to escaping the turmoil that afflicted the bitcoin and NFT markets in November. In the first week of the previous month, the FTX contagion triggered a significant drop in the market capitalization of cryptocurrencies.
It should go without saying that it affected the pertinent NFT market.
It's intriguing that BAYC couldn't care less. According to DappRadar, the volume of the blue-chip collection has increased by 87.56 percent over the past thirty days. The most lucrative collection across all retail networks in November was BAYC.
Although other prominent collections were able to copy BAYC's strategies, none were as successful.
During the aforementioned time period, BAYC sold NFT collectibles valued at $61.42 million, according to CryptoSlam's analysis. In 741 deals, there were also 289 buyers. One issue, though, simply could not be disregarded. In the past three months, not a single piece from the collection has been sold by a BAYC holder.
This may be the result of investors choosing to hold the asset for an extended period of time. Furthermore, it had nothing to do with the floor price, which at the time of publication was around 70 ETH.
At the time of publication, the 24-hour volume was $378,559. This represents a 70% decrease. As a result, the collection had a rough start to the month of December. This may put an end to predictions about a future NFT market bull season.
The 24-hour volume was $378,559 at the time of publication, a 70% reduction. Therefore, the collection had not started the month of December off well. As a result, speculation over a potential NFT market bull season may be over. The opposite was true with its governance token, apecoin [APE]. As of the time of publication, CoinMarketCap showed a 13.34% loss in APE. APE did not severely disappoint on the social front. Santiment estimated that APE has 0.954% societal dominance. This rate indicated that the asset was reasonably engaged in discussions within the crypto community.
With its governance token, apecoin [APE], the opposite was true. APE had decreased 13.34% as of the time of publication, according to CoinMarketCap. On the social front, APE did not notably fail. Santiment calculated that APE dominates society to a degree of 0.954%. This rate suggested that the cryptocurrency community was reasonably discussing the asset.
It was impossible for the social volume to imitate the dominant form. As of the time of this writing, according to Santiment statistics, APE had 14 social followers. As a result, the token could not match the search criteria.