PEPE Mania: PEPE’s market value tops all major NFT collections combined

Pepe Coin Surges in Value, Topping NFT Collections

The prominent meme coin, Pepe (PEPE), has witnessed a remarkable surge in its market valuation, eclipsing the combined market capitalization of all notable non-fungible token (NFT) collections.

As of the latest data, PEPE's market capitalization has exceeded $6.2 billion, a significant 10% higher than the total market value of all profile picture (PFP) NFT collections.

This surge coincides with a substantial uptick in PEPE's trading volume, which reached $2.47 billion over the past 24 hours, representing a substantial 216% increase since the start of May.

PEPE has experienced an exceptional trajectory since its launch in May 2023, with its price escalating by an extraordinary 25,955%. This year alone, the coin has surged by 1,042%, despite encountering periods of volatility that savvy traders have capitalized on.

While PEPE reached an all-time high of $0.00001718 on May 27, it has since corrected downwards by approximately 12%. Currently, the coin is trading at $0.00001503.

Surpassing NFTs and Market Sentiment

PEPE's dominance extends beyond the meme coin sector, as it overshadows major NFT collections in terms of daily trading volume. In the past 24 hours, PEPE recorded a trading volume of $1.3 billion, while blue-chip NFTs moved a mere $12.8 million.

Despite recent spikes in trading activity for Bitcoin (BTC) and Solana (SOL) NFTs, as well as the NFT lending market crossing the $2 billion mark in its first quarter, the overall NFT token market remains in decline. NFT trader counts have plummeted by 85% over the past two years, according to data from DragonFly's Hildobby.

Furthermore, PEPE's robust trading activity contrasts with the dwindling engagement in the NFT market, as evidenced by the Dune dashboard. OpenSea, once the leading NFT marketplace, has witnessed a decline in weekly traders of over 90%, dropping from 187,000 in June 2022 to under 10,000 today. Similar declines have been observed across other NFT platforms such as Blur, Magic Eden, and LooksRare, with the total number of weekly traders on all platforms plummeting from 201,000 in June 2022 to just 24,300.

Market Fluctuations and Investor Outlook

Data from Santiment indicates that PEPE's exchange inflows and outflows have decreased over the last three days, signaling potential bearish momentum. However, the coin's Relative Strength Index (RSI) has declined from 77 to 67, suggesting that while PEPE remains overbought, it is moving towards consolidation. An RSI below 50 could potentially indicate a sustained price increase.

Despite these fluctuations, over 96% of PEPE holders are currently in profit, according to data from IntotheBlock.

As the meme coin market approaches a $69 billion market capitalization, with PEPE spearheading the charge and current trends indicating strong market interest, investors are advised to remain informed and seek diverse perspectives before making investment decisions.