Bored Ape Yacht Club (BAYC) NFTs saw demand skyrocket in the last 24 hours. The collection’s 24-hour trading volumes surged by 176%. The rise can largely be attributed to increased whale buying, as the floor price of the Bored Ape Yacht Club collection dropped below key levels.
BAYC is a unique collection of NFTs on the Ethereum blockchain, continuing to gain interest from celebrities, businesspeople, and crypto whales alike. Given that the apes are priced in ETH, their USD floor price has seen a sharp fall in recent weeks, tracking a decline in the world’s second-largest cryptocurrency.
In the last 7 days, the floor price of BAYC today dropped to a minimum price of 100.85 ETH. The significant decrease in floor price in the last 24 hours attracted substantial interest from whales.
According to data from NFTGo.io, whales acquired 5 out of 11 collections near the floor price of 109 ETH in the last 24 hours. The current price of the BAYC collection is 109.50 ETH. Such huge whale demand is why many analysts are bullish on NFT projects like Quint, Axie Infinity, and Sandbox. In just a day, the whales bumped the total market value of BAYC collection to $996 million, with the number of addresses holding them at 6,419.
Crypto whale Jeffrey Huang bought the Bored Ape Yacht Club #7858 NFT at the highest price of 140 ETH, worth $423,433.41.
Further, the BAYC and Mutant Ape Yacht Collection (MAYC) remained in the top 5 NFT collections in the last 24 hours as the collection continues to be in demand.
The reason behind the surge in their demand is due to the fact that Bored Ape Yacht Club collection will be featured in the three-part film “The Degen Trilogy” by Coinbase next year, and the company is currently asking BAYC owners to submit Bored Ape characters and story ideas. As NFTs reach Hollywood, they will reach the moon as well!