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 rebounds, Bored Ape Yacht Club (BAYC) is experiencing a significant recovery, with market expectations for a revival in the NFT sector also heating up. Over the past month, its floor price has doubled from approximately 5 ETH to 10 ETH, while trading volume for the ecosystem token ApeCoin has also notably increased. Market analysts believe this rally is linked to crypto capital flowing back 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 had been "oversold," with prices diverging significantly from user activity levels. The current uptick is more of a market correction, as the number of genuine NFT holders has not doubled in tandem, suggesting that this rally remains primarily driven by valuation recovery. (CoinDesk)