PEPE’s market cap sits at $6.2 billion, whereas the highest 30 NFT initiatives are cumulatively valued barely above $4 billion.
PEPE, the Ethereum-based memecoin that represents the basic inexperienced picture of a frog, is now price greater than each different main NFT venture throughout all blockchains – mixed.
PEPE instructions a $6.2 billion market capitalization, down barely from its current all-time excessive of $6.9 billion on Could 27, in keeping with CoinGecko. In the meantime, the vast majority of prime NFT initiatives haven’t managed to get again on dealer’s radars and have been bleeding out over the previous 12 months.
In line with Punk9059, a gaggle of NFT initiatives that features Bored Ape Yacht Membership (BAYC), CryptoPunks, Pudgy Penguins, Autoglyphs, Mocaverse, and MadLads, amongst others, simply manages to scrape previous the $4 billion mark.
The highest NFT initiatives are additionally concentrated when it comes to market cap. CryptoPunks, the main NFT venture, showcases a $1.2 billion market cap, adopted by Bored Ape Yacht Membership (BAYC) with $488 million and Pudgy Penguins with $365 million.
NFTs On Their Final Legs
Having PEPE forward of main collections solely strengthens the case that the NFT market resides by way of its worst days.
CryptoSlam’s 500 NFT Index, which tracks the highest 500 collections, is down 40% on the 12 months, and has suffered a 95% drawdown because the platform started recording costs.
Customers actively buying and selling NFTs have additionally been in a big downtrend, in keeping with a Dune dashboard. As soon as the highest market, weekly merchants on OpenSea are down greater than 90%, from 187,000 in June 2022 to only underneath 10,000 at this time.
Most different NFT platforms share OpenSea’s destiny. Blur, Magic Eden, and LooksRare have additionally misplaced merchants’ curiosity, and the whole variety of weekly merchants throughout all platforms has plummeted from 201,000 in June 2022 to 24,300 at this time.
In the meantime, PEPE has soared tenfold over the previous 12 months regardless of an 8% drop at this time.
