PEPE’s market value tops all major NFT collections combined
The meme coin Pepe (PEPE) has experienced an extraordinary rise, with its market value now surpassing the combined market capitalization of all significant non-fungible token (NFT) collections. Here’s a detailed look at PEPE’s recent performance and its implications for the broader crypto market:
PEPE’s Market Cap and Trading Volume
Market Capitalization: As of the latest data, PEPE’s market capitalization exceeds $6.2 billion. This figure is 10% higher than the total market cap of all major profile picture (PFP) NFT collections.
Trading Volume: PEPE's trading volume has surged to $2.47 billion in the past 24 hours, marking a 216% increase from the beginning of May 2024. This substantial trading volume highlights the intense market interest and activity surrounding PEPE.
Price Performance
Launch and Growth: Since its launch in May 2023, PEPE has seen a price increase of an astonishing 25,955%. In 2024 alone, the coin has surged by 1,042%, despite experiencing periods of significant volatility.
Current Price: On May 27, PEPE reached an all-time high of $0.00001718 but has since decreased by 12%, currently trading at $0.00001503.
Market Dominance
Comparison with NFT Collections: PEPE’s daily trading volume of $1.3 billion significantly outpaces the $12.8 million traded by blue-chip NFT collections. This dominance underscores the shifting focus from NFTs to meme coins within the crypto market.
Broader NFT Market: Despite the NFT lending market exceeding $2 billion in its first quarter, overall engagement in the NFT market has declined. NFT trader counts have fallen by 85% over the past two years, and platforms like OpenSea have seen a drastic reduction in weekly traders.
Market Sentiment and Technical Indicators
Exchange Activity: Data from Santiment shows a decline in PEPE’s exchange inflows and outflows over the past three days, suggesting potential bearish momentum.
Relative Strength Index (RSI): PEPE’s RSI has decreased from 77 to 67, indicating that while the coin is still overbought, it is moving toward consolidation. An RSI below 50 could signal a more stable price increase.
Profitability and Market Impact
Holder Profitability: According to IntotheBlock, more than 96% of PEPE holders are currently profiting, reflecting the coin's lucrative performance for early investors.
Meme Coin Market: As the meme coin market approaches a $69 billion market cap, PEPE is leading the charge, demonstrating strong market interest and investment.
PEPE's remarkable rise underscores a significant trend shift in the crypto market, where meme coins are gaining traction over traditional NFT collections. Investors should remain vigilant and consider the potential for volatility in this rapidly evolving landscape. Despite PEPE's impressive gains, the broader market dynamics, including declining NFT engagement and fluctuating trading volumes, suggest that careful analysis and diversified investment strategies are crucial for navigating the current crypto environment.
#Web3.0 #NFT #Blockchain #Crypto #Cryptocurrency #AI #Metaverse #OpenSea #AR