Crypto rebound: Some NFTs and memecoins explode to everyone’s surprise
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In the crypto market, NFTs and memecoins are on the rise again after a month of torpor. The market is thus gaining strength again, driven by a renewed appetite for risk. However, this recovery hides significant differences. Some collections explode, others collapse. More details below!
In short
- NFT and memecoin markets are rebounding thanks to a renewed appetite for crypto risk.
- Memecoins are showing a massive recovery, unlike NFTs still dependent on specific collections.
The cryptocurrency market is changing pace
In one week, NFT capitalization rose from $3.5 billion to $3.9 billion. That’s a 12% increase, according to CoinGecko. Memecoins also rose 11% to reach a market capitalization of $52 billion.
This means that cryptocurrency traders are returning to speculative assets. In other words, risk appetite is reviving despite macroeconomic tensions. Small investors are restarting the game. This new energy is projected into rapid movements in the most volatile segments cryptoecosystem.
NFT: blue chips struggle, outsiders shine
The NFT sector is waking up, but not for everyone.
- Milady Maker jumps by 80%.
- Mutant Ape Yacht Club is up 36.5%.
- CryptoPunks shows a 22.8% jump.
More modest crypto projects such as Lil Pudgys (+24%) and Courtyard on Polygon (+14%) stand out. On the other hand, certain historical figures fall. This is especially true for Bored Ape Yacht Club (-10.3%), Pudgy Penguins (-23%) and Moonbirds (-2%).
Three crypto blockchains take full advantage of this dynamic:
- BNB chain (+53%);
- flow rate (+43%);
- Polygon (+9.3%).
Others lose between 6% and 42% of NFT sales volume.
Therefore, NFT growth remains fragile. A limited number of collections still matter. The absence of numbers like BAYC in the increase could be a warning the actual depth of reflection.
Memecoins: A massive rebound with Trump token leading the charge
The resurgence of memecoins could signal a significant change in trader behavior. Unlike NFTs, these crypto assets also record wider increase. For example, Dogecoin gets 8.7%, Shiba Inu 10.4% and Pepe 7%. On the Solana crypto blockchain, Bonk is up 11.8% and Dogwifhat is up 14.2%.
A token associated with Donald Trump becomes best player of the week with a corresponding 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 community-based projects are now in the spotlight.
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My name is Ariela and I am 31 years old. I have been working in the field of web development for 7 years. I only discovered trading and cryptocurrencies a few years ago. But it’s the universe that interests me a lot. And the topics covered within the platform allow me to learn more. A singer in my spare time, I also have a great passion for music and reading (and animals!)
DISCLAIMER OF LIABILITY
The comments and opinions expressed in this article are solely those of the author and should not be considered investment advice. Before making any investment decision, do your own research.