Surge in Ethereum NFT sales at Bored Ape Yacht Club as ApeCoin price soars then falls

Briefly

• ApeCoin (APE) was released this morning and NFT holders could claim free tokens.
• Bored Ape Yacht Club NFTs have been selling at a rapid pace over the past day.

ApeCoin, an Ethereum token built for Bored Ape Yacht Club’s expanding NFT ecosystem, launched this morning and quickly rose in value before losing much of its initial momentum.

The tokens that Bored Ape and Mutant Ape NFT holders can get for free initially peaked at $39.40 per token, according to data from Coinbase and CoinMarketCap. However, it dropped quickly and hovered below the $10 mark over the past few hours.

However, not all data sources agree that there was such a significant peak – and a corresponding drop. CoinGecko, for example, is showing an all-time high of just $10.36 per APE. In any case, the data sources are now more closely linked, with CoinGecko and CoinMarketCap showing a current token price of around $7.50.

Sales and prices of the popular Bored Ape Yacht Club NFT collection also rose significantly yesterday following the announcement of ApeCoin.

The cheapest available Bored Ape Yacht Club NFT listed on the secondary markets on Wednesday morning was worth around 91.9 ETH, or around $248,000 at the time, according to Floor Prices. Overnight, a few hours after the ApeCoin announcement, the floor jumped to 105.9 ETH, or over $292,000 at the time.

Along with this 15% increase (in ETH), the price of the cheapest Mutant Ape Yacht Club also rose by 15% in a matter of hours from 20.3 ETH to 23.3 ETH in the same time period. Listing prices alone don’t give a complete picture of demand for the NFT collection, but Bored Ape sales really skyrocketed yesterday.

Over $45.5 million worth of Bored Ape Yacht Club NFTs have been traded in the past 24 hours, according to CryptoSlam, with most of this activity occurring after the launch of ApeCoin was announced yesterday afternoon. This is a 1316% increase in trading volume compared to the previous 24-hour period.

Meanwhile, Mutant Apes sales in the same time frame were $30.5 million, up 558% from the previous 24-hour window, and Bored Ape Kennel Club dog NFTs were up 825% for a total of $12 million. dollars. In total, that’s $88 million worth of NFTs from the wider Bored Apes franchise sold last day.

Interestingly, the minimum prices for all of these collections have plummeted in the last couple of hours. This may be because Bored Ape holders have demanded their respective ApeCoin tokens and are now trying to sell connected NFTs that will not give tokens to new holders who bought them on secondary markets.

For example, the cheapest NFT Bored Ape Yacht Club on the market at the time of this writing is only 86 ETH, while the cheapest Mutant Ape is 16.5 ETH. It’s still a lot of money, but it removes the premium added after the announcement of ApeCoin and then some.

The NFT acts as a document of ownership of a unique digital item—in this case, one-of-a-kind profile pictures that feature uninterested monkeys with random attributes. In 2021 alone, the trading volume of the NFT market has grown to $25 billion, with the Bored Ape Yacht Club a major project upon its launch in April.

ApeCoin is designed to power an ecosystem of applications and services developed by Yuga Labs, creators of the Bored Ape Yacht Club, and recent real estate buyers CryptoPunks and Meebits NFT. However, this is a decentralized Ethereum token, so other companies and projects can also accept this token and use it.

Bored Ape Yacht Club and Mutant Ape holders are eligible to claim a set amount of tokens, although Kennel Club holders do not receive ApeCoin if they only own NFTs from the collection. However, people who own both Bored Ape or Mutant Ape and the NFT Kennel Club receive bonus tokens from the ApeCoin DAO.

The token was released this morning to NFT holders and is also available on leading crypto exchanges such as Coinbase and FTX. At the current price of around $7.50, a Bored Ape NFT holder is eligible to claim almost $76,000 worth of ApeCoin, while Mutant Ape NFT holders are getting around $15,300.

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The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment or other advice.