Not only did Bored Ape Yacht Club [BAYC] escape the volatility that hit the crypto and NFT markets in November, but the collection also performed well.
During the first week of the previous month, the FTX contagion precipitated a precipitous decline in the market capitalization of cryptocurrencies. Obviously, its influence extended to the related NFT market.
Interestingly, BAYC did not care about this. According to DappRadar, the amount of the blue-chip collection increased by 87.56 percent during the last thirty days. In November, BAYC was the most successful collection across all retail networks.
The aggregator of NFT collectables, CryptoSlam, stated that BAYC’s sales for the time in question totalled $61.42 million. In addition, there were 741 transactions involving 289 purchasers. Nevertheless, there was an issue that could not be overlooked. No BAYC holder has sold a piece of the collection in the recent thirty days.
This may be the result of investors’ decision to retain the asset for the long term. It was also unrelated to the floor price since it was around 70 ETH at the time of publication.
At press time, the 24-hour volume had decreased by 70% and was at $378,559 dollars. Therefore, the collection had not begun December on a positive note. Therefore, this might put an end to rumours of a prospective NFT market bull season.
Apecoin [APE], its governance token, was the exact opposite. As of press time, CoinMarketCap reported that APE had declined by 13.34%. On the social front, APE did not significantly disappoint. According to Santiment, APE has 0.954% social dominance. At this pace, it suggested that the asset was fairly active in crypto community conversations.
The social volume was incapable of imitating the prevailing shape. As of this writing, Santiment statistics indicated that APE has 14 social followers. Consequently, the token could not fit the search criteria.
Given the present condition of the APE coin, investors should refrain from harbouring rash expectations. At the time of publication, the seven-day Market Value to Realized Value (MVRV) ratio was -2.07% lower. Extended one-year data revealed the MVRV ratio to be -8.536%. Thus, token holders were closer to matching the average purchase price.
With such a short distance, it may not be a terrible idea for bullish investors to keep onto APE. However, the duration of the respite return remained uncertain.
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