Mutant Ape NFT trading volume spikes over 300% following news of SEC probe into Yuga Labs

Quick Take

  • Trading volumes for Mutant Ape Yacht Club (MAYC) and Bored Ape Yacht Club (BAYC) NFTs have soared during the last 24 hours.
  • The surge in volume on these collections may indicate panic sell-offs following news of the SEC’s probe into Yuga Labs, Thomas Bialek, research analyst at The Block Research said. 

Trading volumes for Yuga Labs’ NFT collections Mutant Ape Yacht Club (MAYC) and Bored Ape Yacht Club (BAYC) have soared during the last 24 hours, as both suddenly saw a spike in market activity.

MAYC NFTs recorded a transaction volume at $1.02 million with a volume increase of more than 300% across different exchanges, according to data from CryptoSlam.

A similar trend was seen for BAYC, which witnessed an 86% daily jump in trading volume at $1.8 million, data showed.

The increase in the number of MAYC and BAYC deals came shortly after it became known that Yuga Labs, the creator of the two NFT collections, was facing an investigation by the U.S. Securities and Exchange Commission into whether the firm’s offerings violated federal law.

The opening of the probe is not a foregone conclusion; Yuga Labs has not been accused of wrongdoing and the probe may not result in a legal battle. It sits within a trend of wider scrutiny by the regulator over crypto-related activities. 

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The latest surge in volume on these collections may indicate “panic sellin