Crypto Market: NFTs and Memecoins Rebound After a Month of Lull
In the crypto market, NFTs and memecoins are rising again after a month of sluggishness. The market is regaining momentum, driven by a renewed appetite for risk. But this rebound hides marked disparities. Some collections explode, others collapse. More details below !
In brief
- The NFT and memecoin markets rebound thanks to a renewed appetite for crypto risk.
- Memecoins show a generalized recovery, unlike NFTs still dependent on specific collections.
The crypto market changes pace
In one week, the market capitalization of NFTs rose from 3.5 to 3.9 billion dollars. This represents a 12% increase according to CoinGecko data. Memecoins also show an 11% increase to reach a market capitalization of 52 billion dollars.
This means crypto traders are returning to speculative assets. In other words, the appetite for risk is reborn despite macroeconomic tensions. Small investors are reigniting the game. This new energy results in rapid movements in the most volatile segments of the crypto ecosystem.
NFT: blue chips struggle, outsiders shine
The NFT sector is waking up, but not for everyone.
- Milady Maker jumps 80%.
- Mutant Ape Yacht Club progresses by 36.5%.
- CryptoPunks shows a leap of 22.8%.
More modest crypto projects like Lil Pudgys (+24%) and Courtyard on Polygon (+14%) stand out. On the other hand, some historical figures fall. This is notably the case for Bored Ape Yacht Club (-10.3%), Pudgy Penguins (-23%), and Moonbirds (-2%).
Three crypto blockchains fully benefit from this dynamic:
- BNB Chain (+53%);
- Flow (+43%);
- Polygon (+9.3%).
Others lose between 6% and 42% of NFT sales volume.
The NFT rally remains fragile. It still depends on a limited number of collections. The absence of figures like BAYC in the gains could warn about the real depth of the rebound.
Memecoins: widespread rebound with the Trump token leading
The memecoin rebound could signal a considerable change in trader behavior. Unlike NFTs, these crypto assets record a broader increase. Dogecoin, for example, gains 8.7%, Shiba Inu 10.4%, and Pepe 7%. On the Solana crypto blockchain, Bonk soars 11.8% and Dogwifhat 14.2%.
The token associated with Donald Trump becomes the best performer of the week with the same increase of 14.2%.
In any case, if the current trend is confirmed, the crypto market could enter a new rotation phase. The more agile and community-based projects are now at the center of attention.
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My name is Ariela, and I am 31 years old. I have been working in the field of web writing for 7 years now. I only discovered trading and cryptocurrency a few years ago, but it is a universe that greatly interests me. The topics covered on the platform allow me to learn more. A singer in my spare time, I also cultivate a great passion for music and reading (and animals!)
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.