BAYC Earnings Rise as NFT Demand Grows, But What Worries Holders

BAYC profits soar as NFT demand rises, but what has holders anxious

  • BAYC holders were seen to profit as the demand for NFTs increased.
  • The price of the APE token rose, but network growth continued to decline.

It was recently revealed that the owners of the Bored Ape Yacht Club [BAYC] have been profitable over the past few months. The NFT asset has outperformed many others in the crypto space despite the turbulence in the industry markets.

Realistic or not, here is the market cap of APE in terms of BTC.

BIKE to the moon?

In addition, BAYC and related assets have been found to account for 50% of the total Ethereum supply. [ETH] NFT volume for the last week. This indicated a high level of interest and demand for BAYC and related assets, which was reflected in rising returns for BAYC holders.

Source: NFTstatistics.eth

In addition, according to data provided by Dune Analytics, TVL collected by staking BAYC has also increased. This was a positive sign for the growth and spread of the network. However, the APY generated by the placement of this asset has declined significantly, which may cause concern among investors.

Source: Dune Analytics.

What’s more, according to Dapp Radar, BAYC’s sales are also up 140% in the last 24 hours. This is a positive sign for the future growth and profitability of the NFT collection.

Mutant Ape Yacht Club Average Price [MAYC] also grew along with the number of holders owning the NFT collection. According to NFTGO, its price has risen by 14.30% over the past month.

Is your portfolio green? Check out the ApeCoin Profit Calculator

Most of the NFT collections in the BAYC cohort over the past month have generated interest from the crypto space. This interest in the collection has positively influenced its native APE token.

Not monkey business

According to data provided by Santiment, there has been a spike in ApeCoin activity. Its price increased along with daily active addresses.

However, the growth of the ApeCoin network has declined. This suggests that the number of new addresses first handed over to APEs has decreased over the past few days.

Source: Sentiment

At the time of writing, the price of APE is $5.55, after a 3.59% decline in the last 24 hours, according to CoinMarketCap.

Written by khirou

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