Is CryptoPunk’s Recent Growth Indicative Of The General Progress Of The NFT Market

KryptoponicsThe NFT group, which ranks second in terms of market capitalization and lowest price, has seen exponential growth in terms of unique titles buying NFTs.

The sudden interest in CryptoPunks can be attributed to the recent surge in CryptoPunk social activity.

Well, we must not forget that the growing interest in the CryptoPunks pool could also affect the overall health of the NFT market.

the villain is not dead

According to an NFT analyst who uses the Twitter handle LaughThe number of unique titles that CryptoPunks own has increased significantly over the past year.

Well, the number of unique addresses held by CryptoPunks has crossed 3600 for the first time.

One of the reasons for CryptoPunk’s growth may be its peak social activity. As can be seen from the chart below, CryptoPunk’s social media volume has been fairly consistent throughout the month. However, in recent weeks it has seen some upsides.

As a result of the rising volume of social media, there has been a growth in the Sentiment Weighted Scale. This simply means that the crypto community has positive things to say about CryptoPunks.

Source: feeling

In addition, the bottom price of CryptoPunk has also noticed growth over the past week. The by 6.03% In the past seven days.

However, the market capitalization and volume of CryptoPunk have not shown any improvement in the past 30 days.

Aside from the peak on September 28, CryptoPunk trading volume has been relatively flat. Its market value has moved sideways for most of the past month, indicating no significant fluctuations.

Source: NFTGO

However, the drop in trading volume had a negative impact on the average price of CryptoPunk.

In the last 24 hours, the average trading price of the NFT group has decreased by 10.24%. But overall, the average price action has recovered from its consistently lows between September 12-24.

While there has been a growth in unique titles holding CryptoPunks, it still seems like the bad guys have a long way to go and an uphill battle to fight.

Although recent developments of CryptoPunk indicate a growing interest in the NFT space, Bluechip NFTs such as Pike And the MAYC He was not on the receiving end of any kind of growth.

according to NFTGO, at press time, BAYC has noted an 11.85% decrease in volume over the past 24 hours. And MAYC noted a decrease of 11.87% on the same side.

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