Trading volumes for Yuga Labs’ NFT collections Mutant Ape and Bored Ape rose after the SEC investigation.
According to data from CryptoSlam, MAYC NFTs registered $1.02 million in trading volume, up more than 300% in volume.
Bored Ape trading volumes also increased by 86%.
Significant Increase in Mutant Ape Transaction Volumes
Trading volume for both the Mutant Ape and Bored Ape NFTs increased substantially following the U.S. Securities and Exchange Commission’s investigation into Yuga Labs.
It remains unclear whether the investigation into Yuga Labs will turn into a legal process. The regulator is also investigating the distribution of ApeCoin.
According to analyst Thomas Bialek, the increase in transaction volumes of MAYC and BAYC NFTs indicates panic selling following the investigation.
According to OpenSea data, 24 of 37 MAYC NFT sales made in the last 24 hours have been sold under value. This clearly shows that panic selling is taking place.
There was a decrease in the base prices of both collections. According to data from NFT Price Floor, MAYC’s floor price decreased by 4.9%, while BAYC’s floor price decreased by 2.6%.
