It has been an exciting week for the cryptocurrency and NFT industry. Many collections welcomed an influx of sales, transactions, buyers, and sellers. In addition, Bored Ape Kennel Club has exploded across the cross, potentially due to the Sewer Pass and Dookey Dash launch.
Keep An Eye On Bored Ape Kennel Club
Many people are familiar with the prominent NFT collections developed by Yuga Labs. Bored Ape Yacht Club will always be the first on people’s minds. It has the highest sales volume of all collections, even if the monthly transaction count dips below 1,000 regularly. These assets can sell for hundreds of thousands of dollars each, making them in rather high demand despite the steep price tag.
Another prominent collection under the Yuga Labs banner is Mutant Ape Yacht Club. It has built strong momentum since the launch of ApeCoin. In addition, the later addition of the Sewer Pass NFT mint and the Dookey Dash game has given it a broader appeal. It’s also slightly more affordable than a BAYC, even though people will still pay a hefty sum regardless.
Most enthusiasts forget there is another NFT collection under that same umbrella. Bored Ape Kennel Club is a very prominent collection as of late. Its monthly volume has risen by over 309%, resulting in 175% more transactions and 119.6% more buyers. Granted, there are also 105% more sellers, but that is to be expected. Most of this momentum can be attributed to Dookey Dash launching.
The collection has overtaken Azuki as the third most popular NFT collection by weekly trading volume. With over $42.3 million in monthly sales, the collection is not that far behind MAYC at $58.8 million. The Yuga Labs team is making bank from all this activity due to creator royalties and whatnot. Interestingly, the Otherdeed collection is also part of this ecosystem and remains behind the three “Ape” collections.
Big BAKC Sales Pour In
It is also worth noting the Bored Ape Kennel Club price floor is rising. The recent sales confirm people are willing to spend at least $12,000 per NFT, which is a healthy rebound. The price floor dipped to under 6 ETH on January 19th but has climbed back to 7.88 ETH today. It is still far removed from the all-time high of 12.73 ETH, recorded on April 21st, 2022.
Seeing the BAKC sales rise so quickly – along with the trading volume – is rather surprising. Higher crypto market prices seem to spark more NFT buying. However, it remains unclear f the bullish momentum will remain in place for long. Most markets appear to be retracing, which may cause a pause in Bored Ape Kennel Club buying.
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