The market cap of Pepecoin (PEPE) is currently over $6.33 billion and is 10% higher than the total market cap of all major NFT collections.
At the same time, PEPE is also outpacing major NFT collections in terms of daily trading volume, as memecoin recorded a volume of $1.3 billion in the past 24 hours compared to $12.8 million for blue chip NFTs. Refer to the chart below.
Despite recent signs of strength. Like Bitcoin trading volume, Solana NFTs hit weekly records and the NFT lending market exceeded $2 billion in the first quarter.
Investor Hildobby, a member of DragonFly's data team, said the number of NFT traders has dropped 85% in the past two years.
Meanwhile, the meme coin market has gone through a gradual crescent phase over the past months, reaching a market capitalization of nearly $69 billion after a 10% weekly increase.
PEPE is one of the best performing memecoins recently, up 111% in a month and reaching a new all-time high on May 27.
However, NFT Price Floor analyst Nicolás Lallement emphasized that once investors are done taking profits from current stories, such as memecoins, capital could flow back into NFT collections blue chips, Bitcoin and Ethereum.
