Trading volumes for Yuga Labs’ non-fungible token (NFT) collections Mutant Ape Yacht Club (MAYC) and Bored Ape Yacht Club (BAYC) have skyrocketed over the last twenty-four hours due to a significant increase in market activity.
According to statistics from CryptoSlam, MAYC NFTs had a transaction volume of $1.02 million with a volume rise of more than 300% across many exchanges. Similar trends were seen for BAYC, whose daily trading volume increased by 86% to $1.8 million.
The spike in MAYC and BAYC transactions occurred immediately after it became known that the U.S. Securities and Exchange Commission was investigating Yuga Labs, the originator of the two NFT collections, to see if the firm’s offers violated federal law.
The initiation of the investigation is not a given; Yuga Labs has not been accused of wrongdoing, and the investigation may not culminate in a legal dispute. It fits into a pattern of increased regulatory monitoring of crypto-related operations.
According to Thomas Bialek, a research analyst at The Block Research, the recent rise in activity for these collections may suggest “panic selling” in response to the announcement.
OpenSea trade data for MAYC indicate that, of the 37 MAYC transactions completed in the past day, 24 NFTs had owners accepting offers below their asking prices. This indicates a likely trend of sales for the collection.
Meanwhile, the floor prices for BAYC and MAYC dropped a little. The two collections traded down 2.6% and 4.9% on Wednesday, according to data from NFT Price Floor.