9 months ago
98 ARTICLE AD
The return of Greg Solano as CEO of Yuga Labs is a potential trigger for the rise in price and trading volume for BAYC.
Bored Ape Yacht Club (BAYC) non-fungible token (NFT) collection surpassed Pudgy Penguins’ floor price this Thursday, according to data from price platform NFT Price Floor. The trading volume of BAYC collection also grew by 27% in the last 24 hours, data from on-chain research firm Nansen shows, surpassing 2,394 ETH. Pudgy Penguins’ volume fell 58% in the same period.
The reason behind the 6.5% leap in BAYC’s NFTs floor price is the announcement that Greg Solano will be returning to his role as CEO at Yuga Labs. Solano is one of the four creators of Yuga Labs, the company behind BAYC.
BAYC trading volume for the past seven days. Image: NansenMoreover, Nansen analyzed the rising trading volume of BAYC NFTs after Solano’s post to identify which addresses have been accumulating. An address started with 0x360 withdrew crypto from Binance to fund a fresh wallet before the announcement, and bought four BAYCs right after. The same address ended up buying a fifth NFT a few hours later.
Another address, starting with 0x68a, bought three BAYC NFTs over the last six days. However, this movement falls short when compared to the 61 BAYCs bought by the wallet starting with 0x95f between Feb. 13 and 21. This address even received 10 other NFTs from the same collection.
NFT markets show strength
In the last seven days, the NFT has shown positive numbers in different aspects. Data aggregator CryptoSlam points out that sales volume grew 12% in one week, with over $297 million in NFT being traded.
The rise in volume was met with a growth in transactions, which went up by almost 6%, surpassing 2.3 million. Yet, the biggest rises were seen in the numbers of buyers and sellers, which went up by 53.4% and 57.1%, respectively.
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
