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NFT

BAYC profits soar as NFT demand rises, but what has holders anxious

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Posted: | Last updated: June 11th, 2024
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BAYC profits soar as NFT demand rises, but what has holders anxious
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Posted: | Last updated: June 11th, 2024

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  • BAYC holders were observed to be in profit as demand for the NFT increased.
  • APE token price rose, but network growth continued to decline.

In a recent development, it was discovered that holders of the Bored Ape Yacht Club [BAYC] were profitable over the last few months. The NFT asset outperformed many others in the crypto space, despite the turbulence of the industry’s markets.

Realistic or not, here’s APE’s marketcap in BTC’s terms

BAYC to the moon?

Furthermore, it was discovered that BAYC and related assets made up 50% of the overall Ethereum [ETH] NFT volume in the past week. This indicated a high level of interest and demand for BAYC and related assets, which was reflected in the growing profitability of BAYC holders.

Source: NFTstatistics.eth

Additionally, the TVL collected by staking BAYC also increased, according to data provided by Dune Analytics. This was a positive sign for the network’s growth and adoption. However, the APY generated by staking this asset declined materially, which could be a cause for concern for investors.

Source: Dune Analytics

Moreover, sales for BAYC also surged with a 140% increase over the last 24 hours, according to Dapp Radar. This is a positive sign for the NFT collection’s future growth and profitability.

The average price for Mutant Ape Yacht Club [MAYC] also grew along with the number of holders holding the NFT collection. Its price grew by 14.30% in the last month, according to NFTGO.

Is your portfolio green? Check out the ApeCoin Profit Calculator

Most NFT collections in the BAYC cohort witnessed interest from the crypto space over the last month. This interest in the collection impacted its native token, APE, positively.

No monkey business

According to data provided by Santiment, there was a spike in ApeCoin’s activity. Its price increased along with daily active addresses.

However, the network growth of ApeCoin declined. This suggested that the number of times new addresses transferred APE for the first time decreased over the last few days.

Source: Santiment

At the time of writing, the price of APE was $5.55 after decreasing by 3.59% in the last 24 hours, according to CoinMarketCap.

 

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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