Bored Apes floor price holds despite massive NFT dump

On Tuesday, web 3.0 company CanaryLabs.XYZ sold 71 pieces from the Bored Ape Yacht Club and Mutant Apes collections, raking in a total of up to 5,500 ETH or $9 million.

Surprisingly, the unusually large dump, which came after allegations that Yuga Labs plagiarised its logos, didn’t move the floor price at all. At the time of writing, Bored Ape Yacht Club’s (BAYC) 24-hour trading volume stands at around 13,723 ETH.

BAYC, owned by Yuga Labs, is so far the second most traded NFT collection after CryptoPunks with a total trading volume of 864,801 ETH.

Despite the recent crypto bear market, BAYC held its floor price above the 64 ETH mark and today sits at around 77 ETH. However, this is still some way below the floor price of 152 ETH in April last year.

Bored Apes accused of stealing logo from online drawing tutorial

Read more: Bored Apes puts the ‘shit’ in shitcoin

Allegations that BAYC has been influenced by fascist sources didn’t ruffle many feathers, either. Indeed, unlike many competing NFT projects that have gone to zero or are down 99% from their highs, Bored Apes and other Yuga Labs collections are holding relatively strong.

BAYC was heavily promoted by a string of superstars, including Eminem, Snoop Dogg, Jimmy Fallon, Madonna and even Raul Pal. However, it’s still not clear which of these famous faces bought an Ape or got it in exchange for their promotional services.

Source