cryptobriefing.com
Pepecoin ($PEPE) is currently larger than all the major non-fungible token ($NFT) collections combined, user Stats highlighted on X. $PEPE’s market cap is now over $6.2 billion and stands 10% above the total market cap of all profile picture (PFP) $NFT collections.
Moreover, $PEPE is also outclassing major $NFT collections by daily trading volume, exhibiting a $1.3 billion volume in the last 24 hours against $12.8 million moved by the blue chips in the $NFT sector.
Despite recent signs of strength, such as Bitcoin and Solana $NFT trading volumes reaching weekly records, and the $NFT lending market surpassing $2 billion in the first quarter, the non-fungible token market is still in a slump. The investor Hildobby, who is a member of the data team for DragonFly, shared yesterday that the $NFT trader count is down 85% in the past two years.
Meanwhile, the meme coin market has experienced a gradual crescent in the past months, nearing a $69 billion market cap after a 10% weekly growth. $PEPE is one of the meme coins showing the best performances recently, hiking 111% in one month and registering a new all-time high on May 27th, according to data aggregator CoinGecko.
Nevertheless, $NFT Price Floor analyst Nicolás Lallement highlighted that once investors are done profiting with the current narratives, such as meme coins, a capital flow back to Bitcoin, Ethereum, and blue chip $NFT collections might happen.