PEPE's Market Capitalization Surpasses All Major NFT Collections Combined🔍🔍🔍
Pepecoin (PEPE) has achieved a market cap exceeding $6.33 billion, which is 10% higher than the combined market cap of all major NFT collections.
Additionally, PEPE is outperforming major NFT collections in daily trading volume, with $1.3 billion recorded in the past 24 hours compared to $12.8 million for blue-chip NFTs.
Despite some positive signs, such as record-high trading volumes for Bitcoin and Solana NFTs and the NFT lending market surpassing $2 billion in the first quarter, the NFT market overall is in decline. According to Hildobby, a member of DragonFly's data team, the number of NFT traders has dropped by 85% in the past two years.
In contrast, the meme coin market has been experiencing significant growth, reaching nearly $69 billion in market capitalization after a 10% increase in a single week. PEPE, in particular, has been one of the top performers, rising 111% in a month and hitting a new all-time high on May 27.
However, NFT Price Floor analyst Nicolás Lallement suggests that once investors start taking profits from memecoins like PEPE, capital could flow back into blue-chip NFT collections, as well as Bitcoin and Ethereum.
