NFT and memecoin markets recover after month-long crypto slump
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.
Not all blue-chip NFTs recovered
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.
Among the top 10 blockchains by NFT sales, a majority recorded sales volume losses ranging from 6% to 42%. However, three chains stood out during the week, which included BNB Chain (+53%), Polygon (+9.3%) and Flow (+43%).
The split in performance underscores how the current NFT uptick is concentrated among a few collections with stronger momentum, while broader liquidity and trader participation remain more limited.
Memecoin gains spread widely across the sector
Unlike NFTs, where gains were concentrated among select collections, the memecoin sector exhibited a much broader uptick, with all the top 10 memecoin tokens by market capitalization recording gains over the last seven days.
Dogecoin climbed 8.7% in the past week, while Shiba Inu and Pepe gained 10.4% and 7%, respectively. Top Solana memecoins, such as Bonk (BONK), increased by 11.8%, while Dogwifhat (WIF) showed a 14.2% gain.
US President Donald Trump’s official memecoin token was the strongest gainer among large-cap memecoins, with a 14.2% gain in the last seven days.
Source: https://cointelegraph.com/news/nft-memecoin-markets-rebound-traders-return-risk
