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Floor Price of BAYC Spikes to 137 ETH Following Metaverse Announcement

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Sun, 04/24/2022 - 14:22
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Arman Shirinyan
Biggest NFT collection on the market becomes even bigger
Floor Price of BAYC Spikes to 137 ETH Following Metaverse Announcement
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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.

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.

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.

Related
Is NFT Industry Dying? ApeCoin Rallies by 30% with No Reasons Again

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.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.