Memecoin

MAGA

Bitcoin

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/investment-chief-analyzes-nft-market-decline/" data-wpel-link="internal">Investment Chief Analyzes NFT Market Decline</a> 
According to Apollo Crypto’s <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">investment</a> chief, the recent memecoin hype and the downturn in the <a href="https://en.coin-turk.com/deribit-exchange-expands-options-trading-to-include-sol-xrp-and-matic/" data-wpel-link="internal">crypto market</a> may have contributed to a 44% drop in NFT sales in the second quarter. Data from CryptoSlam shows that NFT sales fell from $4.14 billion in the first quarter to $2.32 billion in the second quarter as part of a broader market decline. 
<h2 class="p1" style="text-align: justify" id="what-s-happening-in-the-nft-market">What’s Happening in the NFT Market?</h2> 
Henrik Andersson, Apollo Crypto’s chief investment officer, explained that we experienced a difficult market process in the second quarter where Bitcoin fell by 15%, and many altcoins performed much worse. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-366695 size-full" src="https://coin-turk.com/wp-content/uploads/2024/07/cryptoslam.webp" alt="" width="1728" height="474"> 
According to CoinGecko data, although NFT sales have slowed, memecoins continue to see massive trade volumes, including $3.4 billion in the last 24 hours alone. Much of this was due to the rise in PolitiFi memecoin projects related to the United States presidential elections, and several new popular tokens emerged on Ethereum and Solana. MAGA (TRUMP) and Pepe are among the memecoins that saw price increases in the second quarter. 
<h2 class="p1" style="text-align: justify" id="details-on-the-subject">Details on the Subject</h2> 
Andersson also mentioned that developments on the Bitcoin-based Ordinals front could divert attention from traditional NFTs in the coming months: 
<blockquote> 
 “In the long run, especially considering the large number of Bitcoin Layer-2 projects coming to the market, we believe Bitcoin ordinals will continue to gain market share in the NFT <a href="https://newslinker.co/category/science/space/" target="_blank" rel="noopener" data-wpel-link="exclude">space</a>.” 
</blockquote> 
However, network activity on Ordinals and Runs has also declined in recent weeks. Runes transactions fell by 88% from their peak in June, and both Ordinal inscriptions and Runes contributed less than 2 Bitcoins per day to miner fees last week. 
NFTs made a small comeback in the last quarter of 2023, reaching sales figures exceeding $3 billion, which could raise hopes for a revival of NFTs in the latter half of 2024. This included a $1.77 billion sales month in December 2023, the largest figure recorded since the NFT summer began to wane in June 2022. 
According to CoinGecko data, top NFT collections like CryptoPunks and Bored Ape Yacht Clubs still have large market values of $994.9 million and $345.9 million, respectively. In comparison, the two largest Ordinals projects, NodeMonkes and Bitcoin Puppets, have market values of $121.1 million and $94.2 million. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-366694 size-full" src="https://coin-turk.com/wp-content/uploads/2024/07/coingecko.webp" alt="" width="1297" height="430"> 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/investment-chief-analyzes-nft-market-decline/" data-wpel-link="internal">Investment Chief Analyzes NFT Market Decline</a></h5>

Investment Chief Analyzes NFT Market Decline

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