In addition to avoiding the turbulence that affected the cryptocurrency and NFT markets in November, Bored Ape Yacht Club [BAYC] also performed brilliantly. The FTX contagion caused a sharp decrease in the market capitalization of cryptocurrencies during the first week of the preceding month.
It goes without saying that it had an impact on the relevant NFT market.
It’s interesting that BAYC didn’t give a damn. DappRadar reports that during the last thirty days, the volume of the blue-chip collection has expanded by 87.56 percent. All retail networks’ most profitable collection in November was BAYC.
Other prestigious collections were able to imitate BAYC’s tactics, but none had the same effect.
According to CryptoSlam’s study of BAYC’s NFT collectibles, the company sold $61.42 million worth of products over the aforementioned time frame. There were also 289 buyers involved in 741 deals. But there was one problem that simply could not be ignored. A single item from the collection has not been sold by a BAYC holder in the last three months.
This could be the outcome of investors choosing to keep the asset for a lengthy time. Additionally, it had nothing to do with the floor price, which was about 70 ETH at the time of publication.
The 24-hour volume was $378,559 at the time of publication, a 70% reduction. Therefore, the collection had not started the month of December off well. As a result, speculation over a potential NFT market bull season may be over.
The opposite was true with its governance token, apecoin [APE]. As of the time of publication, CoinMarketCap showed a 13.34% loss in APE. APE did not severely disappoint on the social front. Santiment estimated that APE has 0.954% societal dominance. This rate indicated that the asset was reasonably engaged in discussions within the crypto community.
The social volume was unable to copy the dominant form. Santiment statistics showed that APE had 14 social followers as of this writing. The token could not match the search criteria as a result.
Does it make sense to hold off till the APE?
Investors should not have irrational expectations given the state of the APE currency at this time. The seven-day Market Value to Realized Value (MVRV) ratio was -2.07% lower at the time of publication. Extended data over a year showed that the MVRV ratio was -8.536%. Holders of tokens were consequently closer to paying the average purchasing price.
It might not be a bad idea for bullish investors to hold onto APE given the short distance. However, it was unclear how long the break would last.
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