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Bored Ape floor prices have doubled over the past month, rising from around 5 ETH to over 10 ETH as traders rotate back into speculative assets. ApeCoin, the ecosystem’s governance token, has also rallied, moving from below $0.10 to roughly $0.16 alongside a sharp increase in trading volumes.
Yuga Labs CEO Michael Figge said the move reflects a market correction. “It’s clear from the numbers that for some time, as far as blue-chip digital collectibles go, it was oversold,” Figge told analysts.
The rebound comes as memecoins and other higher-risk assets outperform more defensive sectors such as DeFi, indicating retail traders are returning after months of subdued activity.
Pudgy Penguins has also rallied sharply in recent weeks. Traders are additionally speculating that a long-rumoured OpenSea token launch could reignite broader marketplace activity.
Figge acknowledged that speculation remains a key factor. “It would be naive to say financial speculation isn’t a huge driver,” he said. “Whatever happens in this cycle will rhyme with the last one, but it’s never going to be exactly the same.”
He also pointed to Yuga Labs’ shift toward community building, citing more than 30 in-person meetups worldwide over the past month. “A lot of what made Bored Ape work in the first place, the social layer, hasn’t really been serviced in recent years,” Figge said.
Figge pushed back on critics who argue that unique holder counts have not doubled in line with prices. “A cynic will say prices doubled and the unique holder count didn’t double,” he said. “But that’s really just recovery from a period where things fell disproportionately.”
BAYC’s market capitalisation stood at $251 million as of May 10. Over the prior 30 days, the collection recorded $13.42 million in sales, according to CoinGecko data.
The rebound also coincides with a wider reassessment of blockchain-based art. Pseudonymous NFT analyst “Van” argued in a recent essay that while speculative mania collapsed after 2021, institutional interest in blockchain-based art has continued quietly at institutions including MoMA and Centre Pompidou.
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