Nfts
PEPE’s market value exceeds all major NFT collections combined
The Pepe meme coin (PEPE) has seen its market value surpass that of all major non-fungible tokens (NFT) combined collections.
Since the most recent dataPEPE’s market cap exceeded $6.2 billion, 10% higher than the total market cap of all Profile Picture (PFP) NFT collections.
NFT and Pepe. Source: Stats/X
This came amid a considerable increase in PEPE trading volume, reaching $2.47 billion in the last 24 hours, an increase of 216% compared to the start of May.
The trajectory of PEPE since its launch in May 2023 has been extraordinary, with its price increasing by 25,955%. This year alone, the token has surged 1,042% despite several periods of significant volatility that traders have taken advantage of.
On May 27, PEPE reached an all-time high of $0.00001718, but has since seen a 12% decline. Currently, PEPE is trading at $0.00001503.
NFT Dominance and Market Sentiment
PEPE’s dominance extends beyond the coin industry. It outpaces major NFT collections in terms of daily trading volume, with $1.3 billion traded in the last 24 hours, compared to just $12.8 million moved by top-tier NFTs.
Despite recent high trading volumes for Bitcoin (BTC) and Solana (GROUND) NFTs and the NFT lending market surpassing 2 billion dollars in the first quarter, the overall NFT token market remains in decline. The number of NFT traders has fallen by 85% over the past two years, as data from DragonFly’s Hildobby highlights.
Additionally, the increased commercial activity of PEPE contrasts with the decreased engagement in the NFT market, as shown in Dune dashboard.
OpenSea, once the leading NFT marketplace, has seen its weekly traders decline by more than 90%, from 187,000 in June 2022 to just under 10,000 today.
Similar declines have occurred on other NFT platforms, such as Blur, Magic Eden and LooksRare, with the total number of weekly traders across all platforms falling from 201,000 in June 2022 to 24,300 today.
Market Fluctuations and Investor Outlook
Santiment data indicates that PEPE FX inflows and outflows have declined over the past three days, suggesting potential bearish momentum.
However, the coin’s relative strength index (ROI) fell from 77 to 67, indicating that although PEPE remains overbought, it is moving towards consolidation. An RSI below 50 could potentially signal a steady increase in price.
Despite these fluctuations, more than 96% of PEPE holders currently benefit from them, according to data from IntotheBlock.
As the meme coin market approaches a $69 billion market cap, with PEPE leading the way and current trends demonstrating strong market interest, it remains critical for investors to stay informed and consider diverse perspectives before making investment decisions.
Disclaimer: The content of this site should not be considered investment advice. The investment is speculative. When you invest, your capital is at risk.