According to Odaily, the value of the leading non-redeemable token (NFT) PEPE has fallen to $6.2 billion, just below its all-time high of $6.9 billion on May 27. The cumulative value of the top 30 NFT projects is just over $4 billion. Leading NFT projects such as CryptoPunks, Bored Ape Yacht Club (BAYC), and Pudgy Penguins have market caps of $1.2 billion, $488 million, and $365 million, respectively.

CryptoSlam’s 500 NFT Index, which tracks the top 500 NFT collections, is down 40% year-on-year. The index has fallen 95% since the platform began recording prices. According to Dune’s data dashboard, the number of active NFT traders is also showing a clear downward trend. OpenSea, once a top market, has seen its weekly trader count drop by more than 90% from 187,000 in June 2022 to less than 10,000 currently.

Most other NFT platforms, such as Blur, Magic Eden, and LooksRare, have had a similar experience to OpenSea. The total number of weekly traders across all platforms has plummeted from 201,000 in June 2022 to 24,300 currently. Meanwhile, despite an 8% drop in the price of PEPE, it has soared 10 times over the past year.