Memecoins
Reading Time: 2 minutes
- The number of weekly NFT buyers and sellers increased, unlike the sales volume
- NFT buyers and sellers rose by 45% and 25% to 493,545 and 257,853, respectively
- The sales volume only increased by a mere 2% to $96.7 million
The number of NFT buyers and sellers in the last seven days has significantly increased, but the sales volume has barely changed to reflect the momentum. NFT buyers rose by 45% to 493,545 while sellers increased by 25% to 257,853, with the sales volume only rising by a mere 2% on the last day of the 7-day period. The Ethereum blockchain leads in NFT sales volume, while other chains like Solana and Ethereum layer 2 Polygon had the most NFT buyers in the last seven days.
Memecoins NFT Transactions Also Down
According to CryptoSlam, the number of NFT transactions has also not increased to reflect the rise in buyers and sellers. In the last week, for example, there were 1.5 million transactions, which was a 4.6% increase from the previous week.
Collections with the highest 7-day sales volume include Courtyard, DMarket, DKTNFT, Guild of Guardians Heroes, Pudgy Penguins, and CryptoPunks. Pudgy Penguins, for example, has a volume of $2.8 million, a 168% increase from the previous week.
The collection’s buyers and sellers have also doubled compared to the previous week. CryptoPunks NFTs, on the other hand, saw their sale volume plummet by over 34% within the same period. The number of buyers and sellers also dropped by 41% and 38%, respectively.
Memecoins April Was All Red
Extrapolating the values to the last 30 days, the NFT market is yet to recover. In April, the NFT sales volume dropped by 40% to $388.6 million. The number of buyers, sellers, and transactions also declined by 48%, 38%, and 54%, respectively.
The drop is reflected on top chains like Ethereum, Polygon, Bitcoin, Solana, Immutable, and BNB Chain. According to a DappRadar report, NFT trading volume has plummeted by more than 90% since 2021.
With the NFT sales volume not reflecting an increase in buyers and sellers, it’s likely that NFT collectors are focusing more on cheap collectibles that don’t have an impact on the volume.
