Yuga Distributes Bitcoin through Complex TwelveFold Puzzle as BAYC Declines

Yuga Distributes Bitcoin through Complex TwelveFold Puzzle as BAYC Declines

The Rise of Bitcoin (BTC) Ordinals NFT Collection by Yuga Labs

Yuga Labs, a prominent player in the Web 3.0 industry, has recently launched their latest NFT collection was known Bitcoin (BTC) Ordinals. This collection consists of 300 abstract generative NFT artworks that pay tribute to Bitcoin’s unique mechanism. Each artwork is created in a 12 x 12 grid format and is inscribed onto satoshis, which are the smallest identifiable units of Bitcoin.

Bored Ape Yacht Club Faces Bearish Pressure

In contrast to  the success of the Bitcoin (BTC) Ordinals collection, Yuga Labs’ other trending collections have been experiencing negative developments. The renowned Bored Ape Yacht Club has witnessed an 8.6% decline in the past 24 hours, with its price as of now at 27.23 Ether (equivalent to $44,316 at the time of writing).

This represents a whole lot of annual loss of 62.2% for Bored Ape Yacht Club. In addition, the Mutant Ape Yacht Club (MAYC), another NFT collection by Yuga Labs, has likewise experienced a 56% fall in value in the previous year. The present floor price for MAYC NFTs is 5.20 Ether, which is below $10,000 according to CoinGecko.

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In the meantime, ApeCoin DAO’s native token, ApeCoin (APE), has reached all-time lows regardless of having substantial support from influential investors and no longer being directly associated with Yuga Labs. APE has a unique use case in the Otherside metaverse network game, which is beloved by the Bored Ape community.

As the cryptocurrency market faces the longest bear cycle in its history, ApeCoin DAO has was known upon the Bored Ape community to select a new slogan for their monkey-themed coin, signaling a probable rebranding effort.

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The other side: Yuga Labs’ Impact on Cryptocurrency and Blockchain

Yuga Labs stands as the industry leader in the NFT space and has played a pivotal role in popularizing cryptocurrency and blockchain technology between the general public. Their contributions have significantly influenced the mainstream adoption of these revolutionary technologies.

Hot Take: Navigating the Bearish Waters

The recent struggles faced by Yuga Labs’ collections and ApeCoin DAO reflect the challenging market conditions of the present bear cycle. As an investor in the cryptocurrency space, it is important to stay notified and adaptable, considering probable market fluctuations and exploring new doors that may arise.

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Author – Contributor at | Website

Daniel Lycon emerges as an intellectual polymath, gracefully merging the roles of crypto analyst, dedicated researcher, and editorial virtuoso. Navigating the intricate tapestry of digital currencies, Daniel’s keen insight resonates harmoniously with a diverse range of inquisitive minds. His adeptness at deciphering the most intricate threads of crypto intricacies flawlessly complements his editorial prowess, transforming complexity into an eloquent symphony of comprehension.

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