ApeCoin [APE] Breaks Even While BAYC Robbery Cases Continue

OpenSea stole another policy from the Bored Ape Yacht Club (BAYC). FranklinIsbored, who has the sixth most BAYC, said that one of his collections had been marked for suspicious activity after hackers tried to use the policy to steal the NFT and run away.

It happened again – second time in a week someone has exploited OpenSea's stolen ape policy to sell to my collection offer after it was already marked as "under review for suspicious activity" (yellow mark). They used a "Match Advanced Order" function to "Mint" and sell to me. pic.twitter.com/21hijgtUse

— Franklin (@franklinisbored) January 22, 2023

Additionally, the BAYC holder noted that this was not the first time he had alerted the OpenSea team. On January 20th, he expressed concern that he was unable to sell one of his NFTs despite OpenSea’s collection of fees. This condition meant that someone has likely violated the policy of the marketplace.

Avoiding the downside

Despite the negative event, ApeCoin [APE], the NFT collection’s governance token, maintained its growth. APE’s price had risen by 4.90% over the previous twenty-four hours. The daily chart revealed that APE’s volatility was extremely high at the time of publication. This was demonstrated via Bollinger Bands (BB).

During the expansion of the bands, the APE price increased by repeatedly hitting the top band. Given this, the BB state indicated an overbought condition. So, there was a chance that the price would change. However, the MACD was in the green and above the zero-point histogram.

As a result of the event, ApeCoin climbed to the top of the list of smart contract tokens utilized by Ethereum [ETH] whales. According to WhaleStats, the top 500 ETH whales viewed the APE utility positively.

JUST IN: $APE @apecoin one of the MOST USED smart contracts among top 5000 #ETH whales in the last 24hrs
Peep the top 100 whales here: https://t.co/kOhHps8XBB
(and hodl $BBW to see data for the top 5000!)#APE #whalestats #babywhale #BBW pic.twitter.com/0OuM1zPy7x

— WhaleStats (tracking crypto whales) (@WhaleStats) January 23, 2023

BAYC down at the time

In the past few weeks, the BAYC floor price went up, but in the last 24 hours, situations have changed.

During the same time period, CryptoSlam said that NFT sales of the collection had dropped by 11.44 percent. BAYC made a total of $1.99 million in sales from 18 deals with 14 buyers and 15 sellers.

At the time of press, OpenSea had not officially responded, but there was good news for the market and Yuga Labs, which made the BAYC. On January 20, a Nevada court threw out the case that was brought against both parties for failing to stop theft.