On the crypto market, NFTs and memecoins are on the rise again after a month of torpor. The market is thus regaining momentum, driven by a renewed appetite for risk. But this recovery hides marked disparities. Some collections explode, others collapse. More details below!
In brief
- The NFT and memecoin markets are rebounding thanks to a renewed appetite for crypto risk.
- Memecoins are showing widespread recovery, unlike NFTs still dependent on specific collections.
The crypto market is changing pace
In one week, the capitalization of NFTs increased from $3.5 billion to $3.9 billion. This represents an increase of 12% according to CoinGecko data. Memecoins also increased by 11% to reach a capitalization of $52 billion.
This means that crypto traders are returning to speculative assets. In other words, the appetite for risk is resurgent despite macroeconomic tensions. Small investors are restarting the game. This new energy translates into rapid movements in the most volatile segments of the crypto ecosystem.
NFT: the blue chips are struggling, the outsiders are shining
The NFT sector is waking up, but not for everyone.
- Milady Maker jumps 80%.
- Mutant Ape Yacht Club is up 36.5%.
- CryptoPunks shows a 22.8% jump.
More modest crypto projects like Lil Pudgys (+24%) and Courtyard on Polygon (+14%) stand out. On the other hand, certain historical figures fall. This is particularly the case for Bored Ape Yacht Club (-10.3%), Pudgy Penguins (-23%) and Moonbirds (-2%).
Three crypto blockchains are taking full advantage of this dynamic:
- BNB Chain (+53%);
- Flow (+43%);
- Polygon (+9.3%).
The others lose between 6% and 42% of NFT sales volume.
The rise of NFTs therefore remains fragile. It still depends on a limited number of collections. The absence of figures like BAYC in the increases could alert on the actual depth of the rebound.
Memecoins: widespread rebound with the Trump token in the lead
The rebound in memecoins could signal a considerable change in trader behavior. Unlike NFTs, these crypto assets also record a wider increase. For example, Dogecoin gains 8.7%, Shiba Inu 10.4% and Pepe 7%. On the Solana crypto blockchain, Bonk soared by 11.8% and Dogwifhat by 14.2%.
The token associated with Donald Trump becomes the best performer of the week with an identical increase of 14.2%.
In any case, if the current trend is confirmed, the crypto market could enter a new phase of rotation. More agile and more community-based projects are now at the center of attention.
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