BAYC sees a 407% increase in volume thanks to this new issue

Non-fungible tokens (NFTs) entered 2022 as they did in 2021 – at a peak. Two of the top NFT projects, the Bored Ape Yacht Club (BAYC) and the Mutant Ape Yacht Club (MAYC), led the sales stats. BAYC and MAYC top of the charts on blockchain research platform DappRadar in top 24-hour sales figures. BAYC had the most number of sales activities, followed by the last.

Well, here’s the reason behind this rise.

Not just ‘avatars’

BAYC has announced the issuance of ApeCoin ($APE) on March 17. “A decentralized protocol layer for community-led initiatives that drive culture to the metaverse.”

ApeCoin DAO and ApeCoin Foundation, similar to many traditional community-led protocols, would support the token. In addition, each token holder would be able to vote on the governance and use of the ecosystem fund. “Holding ApeCoin is the only requirement for membership in the ApeCoin DAO,” a tweet added

The total supply remained fixed at one billion tokens. Notably, the aggregate supply would never increase as no coin capacity was available through the contract interface. The contract interface does not provide any token burning capabilities. Ergo, the total supply would never decrease.

The distribution was as follows,


A full breakdown was available at ApeCoin Siteand as mentioned in this image, an airdrop of ApeCoin tokens for Bored Ape Yacht Club (and Mutant/Kennel + Ape) holders.

Totally APEing

In the past 24 hours, BAYC’s transaction volume exceeded 6600ETH, up 407.03%, and the bottom price has returned to above 100ETH. Bored Ape Yacht Clubs (BAYC) bottom price rose to 106.5 ETH since the launch of ApeCoin. While its spin-off collection Mutant Ape Yacht Club’s (MAYC) rock bottom price rose to 23.65 ETH at press time.

In fact, Mutant Ape Yacht Club (MAYC) became the fifth non-fungible token (NFT) collection to surpass $1 billion in all-time sales.

The trading volume and floor price of BAYC’s derivatives MAYC and BAKC heralded greater growth.

Source: Twitter

Taking advantage of this development, Gemini, one of the largest crypto exchanges, was the first to welcome the guest. In a tweet, the executives stated,

Love or hate NFTs, they captured the imagination of consumers and continue to be the on-boarding ramp for the mainstream in Web3.

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