PEPE Outperforms Top NFTs in Market Value

PEPE Surpasses Top NFTs in Market Value

In a significant market development, the meme coin PEPE has outperformed major NFT collections in market valuation. PEPE's market capitalization has surged to over $6.2 billion, surpassing the combined value of the leading NFT projects.

PEPE's Market Performance

PEPE's market resurgence has been remarkable, with its market cap now making it the third-largest meme coin. The significant increase followed a 216% rise in PEPE's 24-hour trading volume, which reached $2.47 billion. Since its launch in May 2023, PEPE has experienced exceptional growth, with a 25,955% increase.

Factors Contributing to PEPE's Dominance

PEPE's dominance extends beyond the meme coin sector. While blue-chip NFT projects generated a trading volume of $12.8 million, PEPE's 24-hour trading volume surpassed $1.3 billion. Data from DragonFly's Hildobby indicates an 85% reduction in NFT traders in the past two years, highlighting the contrast in market activity.

Implications for the NFT Market

Dune data reveals a significant decline in NFT market participation. Weekly active users on OpenSea have dropped from 187,000 in June 2022 to under 10,000 currently, a decrease of over 90%.

Insights for Investors

• PEPE's market cap has exceeded the combined value of top NFT collections.
• PEPE's trading volume significantly surpasses that of leading NFT projects.
• Declining NFT market participation contrasts with PEPE's growth.
• Investors should monitor PEPE's RSI value to assess market trends.
• Despite market fluctuations, a substantial number of PEPE investors remain profitable.

As PEPE continues to demonstrate its resilience, its impact on both the meme coin and NFT markets is significant. Investors and market participants should stay informed about ongoing trends and data to make informed decisions.

This article initially appeared on BH NEWS: PEPE Outperforms Top NFTs in Market Value