Nft And Memecoin Markets Recover After Month-long Crypto Slump

NFTs posted selective gains led by blue chips, while memecoins rallied broadly across major names in a sentiment-driven rebound.

The non-fungible token (NFT) and memecoin markets experienced modest rebounds over the past week, coinciding with a broader improvement in risk sentiment across the cryptocurrency space.

On Tuesday, CoinGecko data showed the global NFT market capitalization recovered from about $3.5 billion on Nov. 5 to $3.9 billion at the time of writing, an almost 12% increase in a week.

The story was similar for memecoins. CoinMarketCap data showed the combined valuation of memecoins expanded from $47 billion to $52 billion, representing a roughly 11% increase over the same time period.

The movements reflect a return of speculative appetite to the markets. Traders appear to be rotating back into higher-risk assets after weeks of subdued activity, even as macro uncertainty, driven by the unresolved US government funding deal, continues to loom.

The week’s bounce comes after a steep decline in the overall NFT market cap. As Cointelegraph previously reported, the global NFT market value dropped 46% from Oct. 5 through Nov. 5.

Sales data tracker CryptoSlam shows that only a subset among the top 20 NFT collections logged meaningful sales increases.

The data showed that CryptoPunks experienced a 22.8% increase in seven-day sales, reaching nearly $3 million, while Mutant Ape Yacht Club and Milady Maker jumped 36.5% and 80%, respectively.

The Polygon-based Courtyard also increased by over 14%, while smaller Ethereum projects, such as Lil Pudgys, gained roughly 24%.

In contrast, major names like the Bored Ape Yacht Club (BAYC), Pudgy Penguins and Moonbirds continued to decline. BAYC’s sales dropped by 10.3% in the last week, while Pudgy Penguins and Moonbirds saw 23% and 2% declines, respectively.

Source: CoinTelegraph