- Bored Ape Kennel Club bags massive gains in trading volume.
- BAYC creators, Yuga Labs, own the NFT collection.
- NFT Sector had a market cap of $13.2 Billion at the publication time.
A Treat for The Good Bois
With 2022 coming to its close, this year has inscribed its title as one of the worst phases in the industry. From LUNA collapse to the FTX’s fall, everything in the sector appears cluttered. NFT space is no exception but recently Bored Ape Kennel Club (BAKC) saw their sales rising by a whopping 396% in the past 7 days according to CryptoSlam data. Bored Ape Yacht Club (BAYC) also gained 30% sales during this period.
Bored Apes recently witnessed a fall due to the uncertain events in the digital asset sector. Justin Bieber, a singer, bought a Bored Ape NFT during January 2022 for about $1.3 Million but its value fell to around $69K last week. BAYC is a popular digital collectible among the celebrities with the likes of Jimmy Fallon, Eminem, Steve Aoki and more.
This is not the initial case the NFT sector was affected by a crypto turmoil. Both the space go hand in hand so as soon as the FTX crypto exchange was burnt to ashes by the biggest digital asset in the world, non-fungible tokens saw the investors fleeing from the market too.
It all started with the biggest crypto exchange announcing that they will dump all of their FTT holdings in the market. It started a domino effect where investors got panicky and started selling their holdings at mass. It only took 48 eight hours and four Tweets to burn Sam Bankman-Fried’s sprawling $32 Billion empire to the ground.
A Great Week for SOL and DOGE
The crypto market is showing some signs of recovery this week where Dogecoin and Solana remain the biggest gainers in the market. SOL gained 12.31% in the past 7 days whereas DOGE was up by 22.53%. Elon Musk recently shared his idea to launch a new smartphone to go head on against iOS and Android causing the surge in meme-coin’s value.
The NFT sector had a market cap of $13.2 Billion at the time of writing. The sector saw rising trades during the past 24 hours, gaining 18.02% to reach $1.9 Billion in trading volume.
CryptoSlam data shows that BAYC NFT collection sales were down by 36.8% in the past 24 hours but saw a gain in their floor price by 8.5%. The virtual collectibles witnessed their highest trading volume in January 2022, reaching $346.1 Million during the month. They have amassed $60.9 Million in this month, an over 80% fall in contrast to the year’s start.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.