• PEPE’s market cap now tops $6.2 billion, surpassing the combined market value of all major NFT collections
• PEPE’s daily trading volume of $13 billion dwarfs that of blue-chip NFT collections, which saw only $128 million in trading volume
• While the NFT market is in a slump, the meme coin market has experienced gradual growth, nearing a $69 billion market cap after a 10% weekly increase
The meme coin PEPE has surpassed the total market value of major NFT collections like Bored Ape Yacht Club and CryptoPunks. This signals a shift in investor focus towards meme coins over NFTs.
PEPE’s Market Cap and Trading Volume Outpace NFTs
PEPE’s market capitalization exceeds $6.2 billion, more than 10% above the total market cap of leading NFT collections. Additionally, PEPE saw $13 billion in trading volume over 24 hours compared to just $128 million for top NFTs.
NFT Market Slump Contrasts With Meme Coin Growth
The NFT market is currently in a slump, with trader counts down 85% over two years. Meanwhile, the meme coin market cap nears $69 billion after 10% weekly growth. PEPE specifically rose 111% in one month.
Investor Focus May Return to NFTs Post-Meme Coin Gains
Some analysts believe investors may return capital to NFTs once meme coin gains slow. But for now, PEPE and other meme coins are dominating trading activity and market value over struggling NFT collections.
Conclusion
Driven by strong price performance and trading volume, meme coins like PEPE have eclipsed the total market value and activity of top NFT projects. This represents a temporary shift in investor focus towards meme coins that may reverse once meme coin gains slow.
