7 months ago
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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.
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