Meme coin takeover: PEPE surpasses market value of all major NFT collections combined
PEPE's trading volume dwarfs blue chip NFTs with $1.3 billion in 24 hours.
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Pepecoin (PEPE) is currently larger than all the major non-fungible token (NFT) collections combined, user Stats highlighted on X. PEPE’s market cap is now over $6.2 billion and stands 10% above the total market cap of all profile picture (PFP) NFT collections.
Moreover, PEPE is also outclassing major NFT collections by daily trading volume, exhibiting a $1.3 billion volume in the last 24 hours against $12.8 million moved by the blue chips in the NFT sector.
Despite recent signs of strength, such as Bitcoin and Solana NFT trading volumes reaching weekly records, and the NFT lending market surpassing $2 billion in the first quarter, the non-fungible token market is still in a slump. The investor Hildobby, who is a member of the data team for DragonFly, shared yesterday that the NFT trader count is down 85% in the past two years.
Meanwhile, the meme coin market has experienced a gradual crescent in the past months, nearing a $69 billion market cap after a 10% weekly growth. PEPE is one of the meme coins showing the best performances recently, hiking 111% in one month and registering a new all-time high on May 27th, according to data aggregator CoinGecko.
Nevertheless, NFT Price Floor analyst Nicolás Lallement highlighted that once investors are done profiting with the current narratives, such as meme coins, a capital flow back to Bitcoin, Ethereum, and blue chip NFT collections might happen.
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