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OpenSea Weekly Chart Records Ethereum Domains Getting More Hype

With the increased adoption and attention to non-fungible tokens, several platforms like OpenSea emerged as trading hubs. As a result, people needed suitable grounds to interact and transact with the numerous NFTs available in the space. Hence, some platforms have been trying to bridge the gap and serve potential investors of collectibles.

OpenSea is an NFT marketplace where many investors buy, sell and trade majorly NFT collections. The platform is a decentralized marketplace built on the Ethereum blockchain. Since its launch in 2017, OpenSea has meteorically risen as one of the largest platforms to trade and transact NFT collections.

However, having been around for some years, it has become an old stager regarding NFT selling, buying, trading, and other related transactions.

OpenSea focused on the Ethereum network for most of its NFT collections in the past. As a result, Ethereum is the first and most prominent home for most popular NFTs. But later on, OpenSea became a cross-chain marketplace that included NFT trading from other networks like Solana, Polygon, and others.

In a recent report, OpenSea’s weekly chart recorded more Ethereum Name Service (ENS) domain names. In addition, the data for ENS exceeded Bored Ape Yacht Club (BAYC) as the most traded token on OpenSea over the past week. This sudden feat for Ethereum is happening just some days before the long-awaited Merge.

ENS Domain Names Take The Lead In OpenSea Marketplace

The data from OpenSea indicated that the weekly trading volume of the Ethereum domain NFTs hit 2,249 ETHS at the press time. This volume surpasses BAYC and RTFKT Clone X, which are 1,777 ETH and 1992 ETH, respectively.

Also, the OpenSea data indicated that more than 2 million ENS items are on its marketplace. The breakdown shows that total sales of 2,682 ENS domains with over 508,000 owners were recorded.

Source: OpenSea

From the new increase in ENS trading volume, the average price of the ENS items surged to 0.3895 ETH, worth $641. This depicts an increase of about 167%. Also, the daily volume spiked to 1,044.6 ETH from 120.7 ETH. OpenSea related that an ENS domain average price is 0.3207 ETH worth $533.71.

Additionally, the platform indicated some of the most expensive ENS domain names as 000.eth, crypto,eth, opensea.eth, nike.eth, and google.eth. The top is 000.eth, purchased for 300ETH, and is up for sale for 5,000 ETH.

Significance Of ENS Domains Names

The ENS domains are the Ethereum blockchain’s distributed and open naming system. Users can get a single domain like the ‘vitalik.eth’ with the system. They must turn their keys to a crypto address to achieve that.

Ethereum price tanks on the chart l Source: ETHUSDT on Tradingview.com

It is possible to sell, buy and trade the ENS domain names among users. The process for such transactions is completed in the form of NFTs in an NFT marketplace.

With the naming system that creates single domain names, it’s easy for users to copy and paste their initially lengthy wallet addresses. Hence, they could conveniently send or receive crypto tokens since they must share their domain name like other traditional addresses.

Featured image from Pexels, chart from TradingView.com

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ApeCoin Performance Lags Behind Other Altcoins – Here’s What Happened To APE

ApeCoin (APE), the Bored Ape Yacht Club collection’s native coin, has been continuously falling since the June slump, reaching a low of $3.05.

Even though APE is now trading at a premium of 6.5% over its initial price on Friday, its performance still pales in comparison to other altcoins.

As of this writing, APE is trading at $4.69, a decrease of 3.5% in the last 24 hours, according to data provided by Coingecko on Friday.

APE reversed the downtrend on the 4-hour chart after reaching $3.06 in the previous month. Nevertheless, the price encountered numerous obstacles at the $5.3 and $5.5 levels and became sluggish from there.  APE is now reevaluating the $4 support.

Suggested Reading | Avalanche Notches Solid Mid-Week Bounce – Can AVAX Sustain The Positive Noise?

Further Downturn In The Offing For ApeCoin?

ApeCoin is approaching a standstill, which could initiate a reverse. Due to the possibility of a further decline in the market value of APE, investors must be wary of the downturn, which has the ability to disrupt the gains and cause further weakening.

Since the middle of June, the price of ApeCoin has fluctuated laterally. If the $4.00 barrier holds as support, a rally to $6.00 is likely. A break of the $4.00 threshold may result in an extra 33 percent dropping to $3.00.

The NFT market is one of ApeCoin’s attractions, although the market is currently displaying very dismal numbers.

After reaching $42.1 million in sales in May, BAYC NFTs have not produced substantial volume for the past two months. During this time period, the BAYC’s average volume was $2.1 million.

APE total market cap at $1.4 billion on the daily chart | Source: TradingView.com

APE Drops More Than 80% From ATH

Since the June 30 swing low of $4.20, ApeCoin’s price has increased by around a quarter. This gain briefly surpassed the $5.02 barrier, but purchasers were unable to sustain this recent turnaround. As a result, APE moved below the mentioned level, indicating an impending downward trend.

Suggested Reading | CEL Token Price Plummets 50% As Celsius Goes Bankrupt

In addition, it is vital to remember that NFT sales for the month of June barely surpassed $1.3 billion. Prior to that month, OpenSea executed around $3.1 billion worth of transactions.

In other words, APE will continue on its current course if the scenario on these aspects does not change.

Prior to the April sale of Otherdeed land by YUGA labs, the price of Apecoin followed a parabolic trend. Since then, however, the coin has been in a steep decline, falling more than 80 percent from its all-time high of $26.7.

Featured image from CoinChapter, chart from TradingView.com

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ApeCoin Climbs 22% After Snoop Dogg-Eminem Bored Ape Video Launch

ApeCoin (APE), the native Ethereum currency of the famous NFT collection, is one of the fastest-growing NFT and Metaverse crypto projects in the blockchain ecosystem today.

Upon its March 18, 2022 launch, ApeCoin instantly began a parabolic climb. The rally’s apex allowed Apecoin’s market capitalization to reach $7.45 billion.

The APE token was valued at $4.92 at the time of writing, down marginally from its morning high of $5.26. In the past week, ApeCoin has increased by more than 35%.

As of Friday, intraday trading volume for APE has plummeted by 43%. This indicates that APE is receiving peer selling pressure and is approaching the consolidation phase’s bottom trendline. The volume to market cap ratio of the coin is 0.3129.

Suggested Reading – Uniswap Slingshots 45% – Can UNI Blaze Past Its 7-Day Rally?

ApeCoin Getting Some Lift From Rappers

The price of ApeCoin reached an all-time high of over $27 in late April ahead of virtual land NFT sales for the Bored Ape Yacht Club’s Otherside metaverse game.

ApeCoin holders can vote on ApeCoin DAO governance proposals using ApeCoin.

The recent price increase of APE may have been partially prompted by the release of a new music video featuring Snoop Dogg and Eminem as animated versions of their Bored Ape avatars.

In the music video for their new single “From The D 2 The LBC,” Snoop Dogg and Eminem get stoned and transform into animated versions of their BAYC avatars.

The song debuted at the conclusion of this year’s ApeFest, an annual New York event for BAYC NFT holders.

At the end of last year, Eminem purchased his Bored Ape for 123.45 ETH (USD $452,000). His OpenSea account, Shady Holdings, displays 26 additional NFT purchases.

APE total market cap at $1.47 billion on the daily chart | Source: TradingView.com
Snoop Dogg & Eminem Video Fly High

Snoop Dogg possesses numerous NFTs and has long been steeped in cryptoculture. He exposed himself to be the popular NFT Twitter user Cozomo di Medici a year ago. In February, he declared his intention to transform Death Row Records into an NFT label.

The duo’s music video, which was trending on YouTube over the weekend, has received more than 7.5 million views.

ApeFest, which occurred in New York the same week as NFT NYC, featured performances by, among others, Haim, LCD Soundsystem, Lil Wayne, Future, and Lil Baby.

Over the past 24 hours, the price of ApeCoin has climbed by 12.68 percent because of strong positive momentum.

Despite the fact that APE has produced its second consecutive green weekly candle on the price charts, it is still 82 percent below its all-time high reached in April 2022.

Suggested Reading | Sandbox (SAND) Blows Up 20% Over Last 24 Hours Following ‘Takeover’ Rumors

Featured image from SouthPawer, chart from TradingView.com

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Eminem And Snoop Dogg Team Up, The Video Features Bored Ape Yacht Club Imagery

Is the Bored Ape Yacht Club responsible for this collaboration? Hip hop legends and worldwide icons Snoop Dogg and Eminem join forces once again for the single “From The D 2 The LBC.” The video is basically a BAYC ad and the duo premiered the song at Apefest, the Bored Ape Yacht Club multi-day party that was part of the NFT.NYC conference. This is a huge win for the BAYC, at a time when the NFT collection lost 60% of its value in a flash.

The last time we saw this duo collaborate was on the track “Bitch Please II,” from Eminem’s 2000 outing The Marshall Mathers LP. Besides Snoop Dogg, that track features their mentor Dr. Dre, Xzibit, and the late Nate Dogg. After that, the legend says that Eminem’s camp denied a request for collaboration from Snoop and the pair never worked together again. Until now. Did the Bored Ape Yacht Club accomplish that?

Eminem And Snoop’s Bored Ape Yacht Club Story

It’s worth noting that both Eminem and Snoop Dogg come from Dr. Dre’s lineage, so a collaboration between both artists makes all the sense in the world. They are also both part of the Bored Ape Yacht Club. Approximately six months ago, Eminem paid $425K for a BAYC specimen inspired in him. At the time, NewsBTC reported:

“The NFT, named “EminApe,” depicts Eminem’s iconic Bored Ape figure wearing a khaki army cap and a gold chain necklace, both of which he frequently wears in real life. BAYC member GeeGazza sold the digital artwork for 123.45 ETH, which is around $450,000 USD. In November 2021, GeeGazza tweeted, “I still think Eminem is destined to buy my @BoredApeYC one day.”

Took too long to reconnect with @snoopdogg– you know we had to make a movie! https://t.co/087W2OZJOI #FromTheDToTheLBC #curtaincall2 @BoredApeYC pic.twitter.com/k443JqXHON

— Marshall Mathers (@Eminem) June 24, 2022

For his part, at approximately the same time, Snoop Dogg got a full set and announced “When I APE in I APE all the way in!!.” A full set, for those not in the know, consists of a Bored Ape, an M1 and an M2 Mutant, and a Bored Ape Kennel Club with similar characteristics. In Snoop’s case, those were a military helmet, leopard skin, and a pink and fluffy garment. At the time, NewsBTC reported on the story behind the purchase:

“It all came from a deleted tweet. What did it say? We wouldn’t know. However, NFT strategist Just1n.eth brought another rapper into the conversation. “He needs to link up with Waka Flocka to talk about the NFT collection that he should be looking into!” And Waka Flocka went straight to the BAYC. “Uncle Snoop you need a Ape mane!!! Join the yacht club.”

Eminem. Snoop. From the D 2 the LBC. Out now. https://t.co/fcZqaniRxQ pic.twitter.com/bmTpKNXtjq

— Snoop Dogg (@SnoopDogg) June 24, 2022

The Video, The Song, The Premiere

The psychedelic video mixes video of Em and Snoop in the studio with Bored Ape Yacht Club-inspired animation. It was directed by James Larese. They premiered it at Apefest, an all out party that featured performances by hip hop legends like Lil Wayne, Bun B, The Roots, Future, and of course Eminem and Snoop Dogg. 

The videos abound. Check this one out:

WORLD PREMIERE: Snoop & Eminem show their new song featuring at ApeFest @BoredApeYC @SnoopDogg pic.twitter.com/8lLVY9mRng

— cr0ss.eth @ NFT NYC (@cr0ssETH) June 24, 2022

And this one:

What the actual fuck? @SnoopDogg @Eminem @BoredApeYC #apefest pic.twitter.com/1KDZ5rxHGc

— Leonardo Viti (@leovitiart) June 24, 2022

The Bored Ape Yacht Club team will also sell merchandise related to the single, but no one knows what it actually looks like. “Snoop x Eminem merch drop pushed. We’ll tweet here with timing updates,” they announced through Twitter. 

APE price chart on Coinbase | Source: APE/USD on TradingView.com

This is not Snoop Dogg’s first musical collaboration with the Bored Ape Yacht Club. The rapper appeared in Colombian producer and singer Esther Anaya’s single “BAYC,” a dance music track that sounds like this:

Last but not least, NewsBTC has to point out that Eminem and Snoop appeared on stage together earlier in the year at Dr. Dre’s presentation at the Super Bowl Halftime Show. So, maybe the Bored Ape Yacht Club is responsible for this single, but the two artists probably had already squashed their beef.

Featured Image: Screenshot from the video | Charts by TradingView