MAGA

Pepe

Mind

Several PolitiFi and animal-themed memecoins continued to soar in the second quarter despite the broader market downfall, which NFTs were a part of.
A recent flood of celebrity, political, and animal-themed memecoins, along with a crypto market downturn, may have contributed to a 44% fall in the sale of non-fungible tokens (NFTs) in Q2, according Apollo Crypto’s investment chief.&nbsp;
Data from CryptoSlam <a rel="noopener noreferrer nofollow" target="_blank" href="https://www.cryptoslam.io/nftglobal?headerPeriod=30d&amp;timeFrame=month">shows</a> NFT sales fell from $4.14 billion in Q1 to $2.32 billion in Q2 as part of a broader market downfall.
“Q2 was a difficult market with Bitcoin declining by 15% and many altcoins performed significantly worse than that,” Henrik Andersson, chief investment officer at Apollo Crypto, told Cointelegraph.<img src="https://s2.tokeninsight.com/static/news/content/img/06653611-2b71-446d-b2fb-731577c15d4e.webp">
“[But] meme coins are likely taking some of the mind share away from NFT[s]” as well, Andersson added.
Mind share is a marketing term referring to the amount of consumer awareness or popularity surrounding a particular product or idea.
While <a rel="noopener noreferrer nofollow" target="_blank" href="https://cointelegraph.com/news/marc-cuban-nft-sales-2024">NFTs sales have slowed,</a> Memecoins continue to see massive trading volumes, including $3.4 billion in the last 24 hours alone, CoinGecko data <a rel="noopener noreferrer nofollow" target="_blank" href="https://www.coingecko.com/en/categories/meme-token">shows.</a>
Much of this has been sparked by a rise in PolitiFi memecoins linked to the United States presidential election, while <a rel="noopener noreferrer nofollow" target="_blank" href="https://cointelegraph.com/news/celebrity-tokens-dip-one-week-after-caitlyn-jenner-crypto-debut">several new celebrity tokens emerged</a> on Ethereum and Solana.
MAGA (TRUMP) and Pepe are among memecoins that rose in price in the second quarter.
<h3 id="strong-ordinal-inscriptions-to-take-more-market-share-strong">Ordinal inscriptions to take more market share</h3>
Developments in <a rel="noopener noreferrer nofollow" target="_blank" href="https://cointelegraph.com/explained/what-are-bitcoin-ordinals">Bitcoin-based Ordinals</a> may also drive attention away from traditional NFTs in the months to come, Andersson noted.
<blockquote>
 “Longer term we believe Bitcoin ordinals will continue to take market share in the NFT space, in particular given the many Bitcoin L2s coming to the market.”
</blockquote>
&nbsp;
However, <a rel="noopener noreferrer nofollow" target="_blank" href="https://cointelegraph.com/news/did-bitcoin-runes-already-peak">network activity</a> on Ordinals and Runes has also fallen in recent weeks.
Runes transactions <a rel="noopener noreferrer nofollow" target="_blank" href="https://cointelegraph.com/news/bitcoin-runes-transactions-fall-to-lowest-levels">fell 88% from their highest point</a> in June, while both Ordinals inscriptions and Runes have contributed less than 2 Bitcoin (<a rel="noopener noreferrer nofollow" target="_blank" href="https://cointelegraph.com/bitcoin-price">BTC)</a> per day in miner fees over the last week.

NFT sales fell 44% as crypto dipped, memecoins steal ‘mind share’ in Q2

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TokenInsight

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