Why did the NFT go to holidays? Because it felt overshadowed by a bunch of meme coins! ๐
๐ In Q2, NFT sales took a nosedive, dropping 44% from $4.14 billion in Q1 to just $2.32 billion, according to CryptoSlam. Blame it on the crypto market downturn and a swarm of new memecoins with celebrity, political, and animal themes stealing the spotlight.
Apollo Crypto's investment chief, Henrik Andersson, noted that while Bitcoin dipped by 15% and altcoins did even worse, memecoins were busy capturing everyone's "mind share." ๐
Despite the NFT slowdown, memecoins are still flying high, with trading volumes hitting $3.4 billion in the last 24 hours alone! Thanks to the rise of PolitiFi memecoins tied to the U.S. presidential election and new celebrity tokens on Ethereum and Solana, it looks like the meme frenzy is here to stay. ๐๐ฐ
