- MAYC sales skyrocketed and interest in BAYC grew.
- Whales show interest in APE, but traders come up short.
In recent days, the number of non-fungible token (NFT) The crypto space saw a huge jump in transactions. The collection of NFTs on various networks generated a lot of interest from the crypto community. Yug Laboratorieswhich has the largest collection of NFTs in the crypto space, also jumped at the chance.
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In recent days, the demand for MAYC reached a its highest pointAccording to NFTGO, MAYC’s sales figures were up 81.81% from the previous week. The overall minimum value for collecting NFTs has also increased by 16.43%.
BAYC experienced similar growth during this period. Last week its floor price had also risen by 8.2%.
However, there has been an increase in wash trading on NFT markets. According to data from Dune Analytics, there has been an increase in the volume of laundering trades in the NFT space. Because of this, the traction that Yuga Labs NFTs were getting did not translate into the development of AppCoin.
Source: Dune Analytics
Bored apes, interested whales
According to the data provided by Sentiment, the speed of ApeCoin has dropped drastically. In addition, the number of daily active addresses in app currency The network also went down, which negatively affected the overall activity of the ApeCoin network.
However, despite these factors, the whales have continued to show their support for AppCoin. According to Sentiment data, the percentage of large addresses accruing APEs has increased in recent weeks.
A sudden interest from whales could lead to a correction in the APE price in the short term. However, APE’s concentration in the hands of large addresses could leave APE vulnerable to strong selling, which would negatively affect APE’s price.
Source: Feeling
realistic or not, here it is APE market cap in terms of BTC
This could be one of the reasons why the number of short positions against APE is increasing. According to CoinGlass data, 51.14% of all positions are against APE.
Source: Coinglass
It remains to be seen if the traders prove correct with their predictions or if the NFT hype from Epoch Labs could be enough to keep the bears away.
