Bored Ape floor prices have doubled in one month, with Yuga Labs CEO Michael Feig saying premium NFTs have been oversold.
summary
- Floor prices for BAYC have risen from around 5 ETH to over 10 ETH over the past month, with ApeCoin rising from less than $0.10 to $0.16.
- Yuga Labs CEO Michael Figg said the group was clearly oversold during the long recession, describing the rally as a recovery rather than hype.
- Prices of Pudgy Penguins and other blue chips have also risen as retail traders return to speculative crypto assets.
Floor prices at Bored Ape Yacht Club have doubled over the past month, rising from around 5 ETH to more than 10 ETH as traders return to speculative assets. ApeCoin, an ecosystem governance token, has done so as well He rallied From less than $0.10 to approximately $0.16 coupled with a sharp increase in trading volumes.
Yuga Labs CEO Michael Figg told analysts that the rise reflects a true market correction. “It’s clear from the numbers that for some time, in terms of premium digital collectibles, they have been oversold,” says Figi. He said.
What’s driving the return of Bored Ape?
The rebound comes as memcoins and other high-risk assets are outperforming more defensive sectors such as decentralized finance, signaling a return for retail traders after months of weak activity.
Pudgy Penguins have also risen sharply in recent weeks, and traders are speculating about the launch of the long-rumored OpenSea token, reigniting broader market activity.
Figi admitted that speculation remains central. “It would be naive to say that financial speculation is not a big driver,” he said. “Whatever happens in this cycle will line up with the last cycle, but it won’t be exactly the same.”
Meanwhile, Yuga Labs has shifted its focus towards building community, Hosting More than 30 in-person meetings around the world over the past month. “A lot of what made Bored Ape successful in the first place, social class, has been underserved in recent years,” Figi said.
Market data and owner context
Fiji responded to critics by pointing out that the numbers of unique owners had not multiplied along with prices. “A pessimist will say that prices have doubled, but the number of bondholders has not doubled,” he said. “But this is really just a recovery from a period where things went down disproportionately.”
BAYC’s market capitalization was $251 million as of May 10, with the group recording $13.42 million in sales over the previous 30 days, according to CoinGecko. Data.
The recovery also coincides with a broader re-evaluation of digital art: an NFT analyst with the pseudonym “Van” Argue In a recent article, while the speculative mania collapsed after 2021, institutional interest in blockchain-based art has quietly continued at institutions including the Museum of Modern Art and the Center Pompidou.
