MAYC and BAYC Record Surges In Trading Volume – Here’s Why

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Yuga Labs’ top-performing NFTS MAYC and BAYC endured challenges within the last few months amidst escalated bearish conditions in the financial space. Nevertheless, ETH price growth within the previous week saw MAYC and BAYC presenting northbound moves.

DappRadar data shows MAYC and BAYC magnified their trading volume as ETH recorded price upticks. Besides the trading volume, the non-fungible token collections recorded surges in their overall value. Meanwhile, that had traders in a position where they might sell NFTs for quick profits. a

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Nevertheless, despite the volume surge, BACY recorded declines in traders and holders within the last 30 days. The NFTGO chart shows holders plummeted by 0.51% within the past month. Also, sellers and buyers declined by 11% and 3.77%, respectively.

MAYC saw similar cases, with its holders and buyers plunging by 0.41% and 15.29%, respectively. Both collections saw deteriorated floor prices. NFTGO indicated that BAYC’s floor price noted a 3.50% slump within the previous seven days, though the NFT collection traded beyond its average price.

Also, the whale count witnessed a dip over the past few days. The tale wasn’t different for MAYC, with its floor price plunging by 7.36% over last week (NFTGO data).

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What of Yuga Labs?

Yuga Labs retained its dominance over the non-fungible token markets, despite the floor prices and holder declines. Data shows Yuga Labs NFTs contributed to the highest NFT market share. Though the NFT space experienced turbulence, the BAYC team remained dedicated to launching new updates.

For instance, its unveiled a clothing collection on October 19. Users can only access the clothing collection if they transact using ApeCoin. ApeCoin (APE) also flourished as BAYC grew, adding around 3.75% within the last seven days. While publishing this blog, APE changed hands at $4.63.

Meanwhile, the alternative token declined over the past day, with its market capitalization reducing by 5.75%. Also, volume plummeted by 23.99% since yesterday. Nevertheless, the crypto market saw bullish actions during this publication. Bitcoin gained 2% in the past 24 hours to trade at $20,700. Nevertheless, BTC should push past $21K for sustained near-term upsides.

Stay around for the latest cryptocurrency updates.

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