Bored Ape Yacht Club NFT prices double as ApeCoin rallies
Updated
Updated · CoinDesk · May 10
Bored Ape Yacht Club NFT prices double as ApeCoin rallies
15 articles · Updated · CoinDesk · May 10
BAYC floor prices rose from about 5 ETH to above 10 ETH in a month, while ApeCoin climbed from under $0.10 to around $0.16 on heavier trading.
Yuga Labs CEO Michael Figge said prices had become disconnected from rising unique holder numbers during the downturn, arguing the rebound reflects recovery from an oversold market, not only hype.
The move coincides with strength in memecoins, renewed NFT-backed lending and gains in collections such as Pudgy Penguins, lifting hopes of a broader NFT revival as confidence in parts of DeFi weakens.
Can Yuga Labs' pivot to community-building create lasting value, or is the Bored Ape surge just another wave of market hype?
With billions fleeing DeFi after historic hacks, is the NFT market's revival a safe haven or just the next speculative bubble?
As NFTs become collateral for multi-million dollar loans, can this new utility prevent the market from another speculative collapse?