• Thu. Feb 29th, 2024

What for ApeCoin (APE) Following Yuga Labs’ Recent NFT Acquisition?

Lisa Reyes

ByLisa Reyes

Nov 16, 2022
  • Yuga Labs confirmed acquiring WENEWS – 10KTF creator.
  • The announcement triggered surges in 10KTF sales volume.

While the BAYC (Bored Ape Yacht Club) collection could be what attracts the most attention to Yuga Labs, the firm’s latest actions confirmed other plans. Yuga Labs purchased Crypto Punks, a renowned NFT collection, early this year. Nevertheless, the firm declared that it had bought WENEW.

WENEW is the firm behind the successful 10KTFs. Yuga Labs announced the 10KTF and WENEW acquisition through a November 14 tweet. Meanwhile, WENEW co-founder Michael Figge would assume CCO roles at Yuga Labs. Moreover, Mike Beeple Winkelmann, a well-recognized co-founder, would join as Yuga’s advisor.

Many Watching NFTs?

PFP (Profile Picture) project owners can use Wagmi-san, a fictional digital craftsman, to customize their NFT (non-fungible token) with clothing suited for the project. Meanwhile, the 10KTF NFT project is story-driven. Moreover, individuals that own Profile Picture artwork might enjoy physical versions of their art.

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10KTF recorded soaring sales following Yuga Labs’ announcement, according to NonFungible data. Evaluating the sales graph shows 43 sales amounting to more than $16K. That represented the highest number recorded until the November 14 announcement. The amount surged to 695, valued at over $400K. Meanwhile, the sales count exceeded 700 during this publication.

Assessing the Statistics

Moreover, assessing wallet stats indicated a nearly 3% growth over the last 24 hours. The new sellers and buyers’ ratio increased by 1% and 3%, respectively. Cryptoslam data shows sales transactions surged by over 2,500% within the previous day.

Meanwhile, APE and its holders could be among the deal’s beneficiaries. ApeCoin might see its value increase because of its state as the native coin of different Yuga Labs projects. That would emerge as more of the projects showcase and increased utility unlocked.

Nevertheless, APE’s daily chart reveals that the altcoin has recently adopted a decreasing trend. The downside placed new support at the $2.8 – $2.6 range. The resistance zone might be at $4.8 – $5.2. The alternative token lost over 1% over the past 24 hours to trade near $2.8 during this publication.

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Lisa Reyes

Lisa Reyes

Lisa Reyes is a skilled and experienced news writer known for her compelling storytelling and in-depth research. With a dedication to delivering accurate and informative news coverage, her articles provide readers with a comprehensive understanding of current events.

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