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What these BAYC sales tell us about the NFT space’s status

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What these BAYC sales tell us about the NFT space’s status

  • The NFT space has been badly affected by the decline and bearish trend of the crypto-market
  • The dominance and recent record sales of BAYC NFTs, however, established that NFTs are far from done

The demise of high-profile endeavours like Terra and FTX has not helped the situation. According to some, even more damage appears to have been done to the Non-Fungible Token (NFT) space, with some commentators even declaring the end of NFTs.

On the contrary, a recent Bored Ape Yacht Club (BAYC) NFT sale seemed to suggests otherwise.

NFTs dead? These stats beg to differ

NFT #232 of the Bored Ape Yacht Club was sold on the secondary market on 23 November for 800 ETH, or roughly $927,000. Known pseudonym collector Keung obtained the tokenized profile photo (PFP) from Deepak Thapliydal, CEO of Web3 cloud software firm Chain. According to Rarity Tools, this Ape with gold fur is 324th rarest out of a pool of 10,000 NFTs. Less than 0.5% of Bored Apes are estimated to have golden fur.

While overall NFT sales have been falling, recent strong sales like these have cast doubt on whether or not NFTs are truly dead. In the NFT market, Ethereum NFTs, especially the BAYC collection, has been showing signs of dominance and keeping the market active.

DappRadar data revealed that over $2.5 million in sales were attributed to BAYC NFTs over the course of the last 24 hours. BAYC #1268, which sold for over $938 thousand on 24 November, outperformed BAYC #232’s sales. The BAYC and CryptoPunk Collection dominated the ranks, generating over half a million USD in total Top Sales metrics over a 30-day period.

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Source: DappRadar

Moving away from the Top Sales measure and taking a look at the Top Collection metric likewise revealed BAYC’s dominance. The volume of trades in the BAYC collection surged by more than 45% over the last 30 days. More than $36 million worth of trades were made during this time. There were 473 traders, and there were 392 sales, up 77 and 79 percent, respectively.

Among the many collections maintained by Yuga Labs is the BAYC archive. The Lab also features additional collections, such as the CryptoPunk collection, which ranks among the highest in terms of sales and volume. In fact, it seemed clear that NFT sales are declining, according to NonFungible’s chart. 

Source: NonFungible

The aforementioned chart also showed that there was a drop in the value of sales, not a decline in NFT sales, which was another thing that could be inferred.

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The fall is a result of the general crypto-market’s loss in value, something that has affected popular cryptocurrencies like ETH and BTC across the board.

Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot’s writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S – There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/

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Ethereum’s net issuance reading since merge has got some tips for traders

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Ethereum’s net issuance reading since merge has got some tips for traders

  • Ethereum’s total net issuance witnessed a massive spike.
  • The number of Ethereum’s retail investors also grew over the past few days.

Glassnode, a crypto analytics firm, reported that over the past few weeks, there was a significant increase in the total net coin issuance of Ethereum.


                                   Read Ethereum’s Price Prediction 2022-2023


As can be seen from the image below, the amount of Ethereum issued to proof of stake validators grew immensely over the past few days. Evidently, this could attract more validators to stake ETH on the Ethereum network.

Source: glassnode

Validation from validators

Data gathered by staking rewards suggested that there was a spike in the number of validators on the Ethereum network. The number of validators grew by 5.28% in the last 30 days. 

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The revenue generated by the validators also took a northward journey. According to data provided by glassnode, the amount of revenue generated by the validators reached a one-month high of  $12,098.52 on 30 November.

This spike in revenue along with the growth in the issuance of ETH could continue sustaining validators’ interest in Ethereum.

Source: Staking Rewards

“Gas”sing ETH up

However, it wasn’t just validators who showed interest in Ethereum, retail investors too were excited about ETH’s ongoing trajectory.

ETH addresses with more than 0.1 ETH saw an increase in their count over the past month. This indicated that small addresses had started showing faith in Ethereum and were willing to buy the altcoin at a discount.

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One of the reasons for the interest from retail investors would be the decline in gas prices. At the time of writing, the median gas price for Ethereum had dropped to a 1 month low.

Source: glassnode

Furthermore, Ethereum’s MVRV ratio climbed significantly over the past few days. Thus, indicating that most Ethereum users would profit from selling their holdings.

Moreover, Ethereum’s development activity also spiked. This implied that the team at Ethereum had been making increasing contributions to their GitHub. Thus, implying that there could be new updates and upgrades in the works for Ethereum in the future.

Source: Santiment

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That said, it’s still to be determined whether Ethereum holders will continue to show faith in Ethereum or take this opportunity to book a profit.

Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot’s writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S – There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/

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Polygon’s DeFi space witnesses growth but for how long will it help MATIC

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Polygon’s DeFi space witnesses growth but for how long will it help MATIC

  • Polygon’s Total Value Locked (TVL) registered a downtick 
  • Metrics were supportive of a continued surge 

DeFiLlama’s recent data revealed that in the past week, Polygon [MATIC] stood out after having the newest Defi protocols listed. This development looked promising for Polygon, which has been witnessing a decline in its total value locked for several weeks now. 

Per @DefiLlama Recent page, in the past week, @0xPolygon stands out as having the most new Defi protocols listed.#DefiForAll

Follow @0xPolygonDeFi for updates within the Polygon Defi Ecosystem https://t.co/we0eOmIXeP

— Sandeep | Polygon 💜🔝3️⃣ (@sandeepnailwal) November 30, 2022

Even though MATIC’s TVL was following a downslope, DeFiLlama’s chart pointed out that the TVL later registered an uptick. And, at the time of writing, it stood at $75.11 billion. 

Furthermore, the top DeFi projects by fees and revenue on the Polygon network in the last 24 hours included Quickswap DCX, Uniswap, and Polygon, sitting at the top of the list. 

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Read Polygon’s [MATIC] Price Prediction 2023-24


Top DeFi Projects by Fees and Revenue on @0xPolygon Ecosystem Last 24H $QUICK @QuickswapDEX$UNI @Uniswap$MATIC @0xPolygon$AAVE @AaveAave$DODO @BreederDodo$SUSHI @SushiSwap$MVX @MetavaultTRADE$CRV @CurveFinance$STG @StargateFinance$BANANA @ape_swap#POLYGON $MATIC pic.twitter.com/KaHyZVV0XM

— Polygon Daily 💜 (@PolygonDaily) November 30, 2022

That said, MATIC’s price also corresponded to these positive developments, as its weekly and daily charts were painted green.

As per CoinMarketCap’s data, MATIC registered over 6% and 5% increases in its price during the last 24 hours and the past week, respectively. At press time, MATIC was trading at $0.9197 with a market capitalization of more than $8 billion.

Though this uptick managed to put a smile on investors’ faces, let’s have a look at MATIC’s on-chain metrics to find whether this surge is sustainable.

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Everything seemed fine

On the metrics front, things were looking pretty good for MATIC. Its exchange reserve was decreasing, which is a positive signal as it indicated lower selling pressure.

CryptoQuant’s data revealed that MATIC’s active addresses and the number of transactions were also increasing, which was yet another good signal for the token.

Moreover, MATIC’s volume skyrocketed recently, which reduces the chances of an unprecedented price decline in the coming days. The crypto community’s faith in MATIC also seemed to have increased over the past week as its positive sentiments registered quite a few spikes lately.

Source: Santiment

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Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot’s writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S – There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/

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ApeCoin: Knowing this before the launch of APE staking might save your investments

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ApeCoin: Knowing this before the launch of APE staking might save your investments

  • Horizen Labs is set to launch pre-deposit for Apecoin [APE] staking on 5 December.
  • In anticipation of the launch, new demand for APE has risen.
  • Investors are taking profit as price rallies.

Following Horizen Labs’ confirmation that pre-deposit for Apecoin [APE] staking would be made available on 5 November, the metaverse token has since logged significant on-chain activity, data from Santiment revealed.


Read ApeCoin’s Price Prediction 2023-24


Since Horizen Labs gave its last update on 24 November, APE has seen an influx of new demand to drive up its network growth. Since then, the number of daily new addresses on the network has rallied by 84%. This showed that investors have been accumulating APE tokens ahead of 5 November for maximum yields on their stakes. 

Historically, APE’s rally in network growth and a corresponding rally in price had previously marked its top and bottom. In August, the alt saw a huge spike in new addresses following a price rally, marking the alt’s local, top at the time. 

Also, following FTX’s implosion, APE saw a hike in network growth, but this marked a recent bottom following the trend in the general cryptocurrency market. 

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Hence, the current surge in demand for APE might result in the alt marking another local top or another bottom. 

Source: Santiment

As APE accumulation and price grew, data from Santiment showed that active withdrawals had also rallied. Trading at $3.97 at press time, APE’s price increased by 19% in the last week, making it the metaverse token with the highest gains, per data from CoinMarketCap

Taking advantage of the price growth, active withdrawals since climbed by over 900% in just seven days. In August, when the alt clinched a local top, active withdrawals surged, showing that retail traders sold their APE holdings at the top. 

Source: Santiment

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Whales and shrimps have reacted differently to Horizen Labs’ update. Data from Santiment revealed large key addresses holding APE tokens have continued to reduce their APE holdings since FTX’s unexpected collapse at the beginning of the month. Even with the expected launch of APE staking, they continue to drop in number. 

Per data from Santiment, since 12 November, the count of whale addresses that hold 100,000 to 1,000,000 APE tokens has fallen by 10%.

On the other hand, retail holders continue to accumulate ahead of the launch date. Since 6 November, the count of addresses that hold 100 to 100,000 APE tokens has risen by over 15%. 

Source: Santiment

Finally, an assessment of APE’s MVRV ratio on a 30-day moving average revealed that the market was in the most challenging zone. Historically, APE’s price would decline at this point following the formation of a local top.

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Source: Santiment

Abiodun is a full-time journalist working with AMBCrypto. He is also a lawyer with over 2 years of experience. With a keen interest in blockchain technology and its limitless possibilities, Abiodun spends his time understanding the technology, building projects, and educating people about it.

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