Floor Price of BAYC Spikes to 137 ETH Following Metaverse Announcement

The floor price of the biggest and the most popular collection on the NFT market, Bored Ape Yacht Club, spiked to 137 ETH after the Otherside Metaverse announcement, WuBlockchain reports.

The floor price was not the only metric that spiked after the announcement. With the rising floor price, BAYC faced a strong transaction volume increase of 22% in 24 hours. The MAYC collection saw an 86% increase in the number of traders in the last 24 hours after an 11% floor price increase.

With the official announcement of the metaverse project Otherside, the floor price of BAYC reached a new high of 137 ETH, and the transaction volume increased by 22% in 24 hours. MAYC 24-hour traders rose 86% and floor prices rose 11%.

— Wu Blockchain (@WuBlockchain) April 24, 2022

Details about the usage of previously distributed apes in the new Metaverse have not been disclosed, but users expect a large value increase of their non-fungibles as the Metaverse starts rolling.

The "Otherside" Metaverse project will be officially launched next Saturday at 12:00 p.m. ET. After the announcement, the administration opened the Discord channels of the collection, which have already attracted over 100,000 new people.

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ApeCoin follows

As NFT traders move the floor price of Bored Ape-related collections above and beyond, the token tied to the collection has also seen a strong price performance on the market, rising by at least 58% in the last five days.

But despite the positive price performance in the last day, APE still trades far below the all-time high reached back on March 17, when traders pushed the price of the token to $40. At press time, APE trades with an almost 60% loss since the highest point on the chart.

Previously, experts from Santiment noticed that Ape's on-chain metrics are moving with divergence to the price, which may suggest unstable price performance in the future as the growth of the coin is mostly speculative.

At press time, APE is trading for $16 and consolidating at the previous local high.