Promising Signs of Recovery in the NFT and Memecoin Market

Promising Recovery Signals in NFT and Memecoin Markets

With the improvement in the overall risk perception in the crypto market, noticeable recovery signals are observed in the non-fungible tokens (NFT) and memecoin markets. Last week, these two areas managed to attract the interest of investors who increased their spending.

Market Value Rise

According to CoinGecko data, the global NFT market value increased from $3.5 billion on November 5 to $3.9 billion as of November 12. This represents a 12% increase over the past week. Similarly, CoinMarketCap data shows that the total value of memecoins has risen by 11% to reach $52 billion.

Speculative Demand and the Bigger Picture

These indicators show that investors are eager to return to high-risk assets after weeks of stagnation. However, it is worth noting that macroeconomic uncertainties, such as the financing agreement of the U.S. government, continue to exist. Nevertheless, as a result of this recovery, the overall decline in NFT market value seems to begin stabilizing.

Featured NFT Collections

Sales tracking data from CryptoSlam indicates that only a few of the top 20 NFT collections recorded significant sales increases. For example, CryptoPunks reached nearly $3 million with a 22.8% increase, while Mutant Ape Yacht Club and Milady Maker showed increases of 36.5% and 80% respectively. However, some major projects like Bored Ape Yacht Club (BAYC), Pudgy Penguins, and Moonbirds continue to see a decline in their sales.

Memecoin Gains Widespread

The memecoin sector has shown a broader increase rather than specific collections. The top 10 memecoins by market value gained over the past week. Dogecoin rose by 9%, Shiba Inu by 11%, and Pepe by 8%. On the other hand, top Solana memecoins like Bonk (BONK) increased by 10%, while Dogwifhat (WIF) gained 16% in value.

These data illustrate that market dynamics may change and highlight the potential benefits of investors beginning to take risks again in the current situation.