Meme coin takeover: PEPE surpasses market value of all major NFT collections combined
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.
Comparison between largest NFT collections and PEPE. Image: Stats/X
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.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Fed Decision This Week: 3 Stocks to Buy Before Wall Street Reacts
"72% of token consumption accounts for only 27% of expenditure"—The Key Issue in the AI Bull-Bear Debate
According to OpenRouter data, token demand has surged 250-fold in 20 months, but 72% of traffic flows to open-source models with the lowest fees, contributing only 27% of spending. Token prices crash by 47% each quarter, while GPU rental costs soar by 160% simultaneously. Money flows to GPU holders, with bills passed on to shareholders. Goldman Sachs believes that, combined with the lack of tangible productivity gains outside the tech sector, this capital cycle is on shaky ground, with bearish sentiment prevailing.
Anthropic IPO filing unexpectedly becomes a catalyst for optical stocks rebound, Lumentum surges 8.2% to lead the S&P 500
The surge is driven by a combination of three favorable factors: 1) Anthropic's IPO prospectus and the combined $40 billion financing from Meta and SpaceX have dispelled concerns about a peak in AI capital expenditures; 2) The US FCC may restrict the import of optical modules, opening up a 3.2T market space for domestic companies; 3) There is a critical shortage in the supply of the key material indium phosphide. The resonance of explosive demand, exclusive policies, and supply constraints is ushering in a super cycle for domestic manufacturers.
Crypto prices
More
