Bored Ape Yacht Club (BAYC) non-fungible tokens are surging again, fueling hopes of a broader revival in the battered NFT market as speculative appetite returns across crypto.

Floor prices, or the lowest value for the flagship Yuga Labs collection, have climbed from around 5 ETH to 10 ETH over the past month, while apecoin (APE), the ecosystem’s governance token, has also rallied from below $0.10 to about $0.16 with a sharp increase in trading volumes.

The rebound comes as memecoins and other high-risk crypto assets are outperforming more defensive sectors such as decentralized finance (DeFi), suggesting retail traders are perhaps returning to the market after months of subdued activity.

For Yuga…