The market capitalization of Pepecoin (PEPE) is currently over $6.33 billion, which is more than 10% higher than the total market capitalization of all major NFT collections. Furthermore, PEPE is also significantly outperforming major NFT collections in terms of daily trading volume, with a meme coin recording a volume of $1.3 billion in the past 24 hours compared to $12.8 million for blue-chip NFTs.
Despite recent signs of strength, such as record-breaking Bitcoin and Solana NFT trading volumes on a weekly basis and the NFT lending market surpassing $2 billion in the first quarter, the token market cannot replace the declining trend.
Hildobby, an investor and member of the DragonFly data team, said the number of NFT traders has decreased by 85% over the past two years.
Meanwhile, the meme coin market has experienced a gradual resurgence in recent months, reaching a market capitalization of nearly $69 billion after a 10% weekly increase.
PEPE is one of the best-performing meme coins recently, rising by 111% in a month and reaching an all-time high on May 27th.
However, analyst Nicolás Lallement of NFT Price Floor emphasizes that once investors complete profit-taking from current narratives, such as meme coins, capital flows may return to blue-chip NFT collections, Bitcoin, and Ethereum.
