According to Odaily, the value of PEPE, a leading non-fungible token (NFT), has dropped to $6.2 billion, slightly lower than its historical high of $6.9 billion on May 27. The cumulative value of the top 30 NFT projects is slightly above $4 billion. Leading NFT projects such as CryptoPunks, Bored Ape Yacht Club (BAYC), and Pudgy Penguins have market values of $1.2 billion, $488 million, and $365 million respectively.
CryptoSlam's 500 NFT index, which tracks the top 500 NFT series, has seen a year-on-year decline of 40%. Since the platform began recording prices, the index has fallen by 95%. According to Dune's data dashboard, the number of active NFT traders has also been on a noticeable downward trend. OpenSea, once a top market, has seen a more than 90% drop in weekly traders, 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 similar experiences to OpenSea. The total number of weekly traders across all platforms has plummeted from 201,000 in June 2022 to 24,300 today. Meanwhile, despite PEPE's price dropping by 8%, it has surged tenfold over the past year.
