BAYC rebound drives NFT recovery, Bored Ape floor price doubles in a month sparking market recovery expectations

According to Odaily, as risk appetite in the crypto market recovers, "Bored Ape" BAYC is experiencing a significant rebound, with market expectations for an NFT sector revival also heating up. Over the past month, its floor price has doubled from approximately 5 ETH to 10 ETH, while the trading volume of the ecosystem token ApeCoin has also notably increased. Market analysts believe this uptick is related to renewed capital inflows into high-risk assets. Recently, meme coins and other high-beta assets have outperformed defensive sectors like DeFi, indicating a resurgence in retail risk appetite.

Yuga Labs' new CEO Michael Figge stated that blue-chip NFTs were previously "oversold," with prices diverging significantly from user activity levels. The current rise is more of a market correction process, and the number of genuine NFT holders has not doubled in tandem, suggesting this rally is primarily driven by valuation recovery. (CoinDesk)