Published on juli 1, 2024, 5:50 am
Image source: Fox News
```json { "TLDR": "Altcoins related to politics and animals saw growth in Q2, contrasting with the decline in NFT sales. Memecoins gained popularity, reducing attention on NFTs. Notable coins like MAGA and Pepe performed well. Ordinals projects are expected to impact NFT focus. Runes and Ordinals have seen reduced network activity recently. A potential NFT revival is predicted for late 2024 after a slight sales increase at the end of 2023. Top NFT collectibles maintain significant market caps while new trends indicate a shift towards altcoins and memecoins alongside traditional NFTs." } ```
Several PolitiFi and animal-themed altcoins have shown remarkable growth in the second quarter, even amidst a broader market decline that encompassed NFTs. The recent surge of celebrity, political, and animal-themed altcoins, coinciding with a downturn in the crypto market, might be responsible for a 44% decrease in non-fungible token (NFT) sales during Q2 as reported by Apollo Crypto’s chief of investment.
Data from CryptoSlam indicates that NFT sales plummeted from $4.14 billion in Q1 to $2.32 billion in Q2, reflecting the overall market trend. Henrik Andersson, chief investment officer at Apollo Crypto, commented on the challenging market conditions of Q2 with Bitcoin’s decline and the underperformance of many altcoins. He noted that meme coins could be diverting attention away from NFTs.
While NFT sales may have slowed down recently, memecoins are experiencing significant trading volumes. In fact, CoinGecko data reveals trading volumes exceeding $3.4 billion within just 24 hours. This surge is partially attributed to the popularity of PolitiFi memecoins associated with the U.S. presidential election along with the emergence of new celebrity tokens on platforms like Ethereum and Solana.
Noteworthy performers in the second quarter include MAGA (TRUMP) and Pepe (PEPE), amongst others. Furthermore, developments in Bitcoin-based Ordinals are anticipated to shift focus away from traditional NFTs in upcoming months according to experts like Andersson.
However, a decline in network activity on Ordinals and Runes has been observed recently—Runes transactions dropped by 88% since June’s peak while both Ordinals inscriptions and Runes contribute less than 2 BTC per day in miner fees presently.
Although there was a minor resurgence in NFT sales during the last quarter of 2023 totaling over $3 billion, indicating a potential revival for NFTs by late 2024.There was also a notable month with sales hitting $1.77 billion in December 2023—the highest since the dwindling period started back in June 2022.The top NFT collectibles such as CryptoPunks and Bored Ape Yacht Clubs still maintain substantial market caps at $994.9 million and $345.9 million respectively per CoinGecko data.
Comparatively, leading Ordinals projects like NodeMonkes and Bitcoin Puppets hold market caps of $121.1 million and $94.2 million respectively.These trends hint at an evolving crypto landscape where altcoins and memecoins are gaining prominence alongside traditional players like NFTs,making it an exciting time for cryptocurrency enthusiasts to observe how these dynamics shape the future economies within this space.
Original article posted by Fox News
