Bitcoin

Challenge

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/memecoins-surge-while-nft-market-faces-challenges/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Memecoins Surge While NFT Market Faces Challenges</a> 
Memecoins have recently experienced a significant surge, with trading volume increasing fivefold to reach $16 billion, capturing the attention of retail investors. In contrast, Bitcoin and other major cryptocurrencies are on a slower upward trend. While institutional investors gravitate towards larger cryptocurrencies, retail investors are predominantly focusing on memecoins.
<h2 style="text-align: justify" id="strong-memecoins-challenge-the-nft-market-strong">Memecoins Challenge the NFT Market</h2>
Alvin Kan, the Operations Director of Bitget Wallet, stated that the rising interest in memecoins is negatively impacting the <a href="https://en.coin-turk.com/former-opensea-product-manager-appeals-conviction-for-insider-trading/" data-wpel-link="internal" rel="noopener noreferrer nofollow">NFT</a> market. He highlighted a substantial decline in NFT trading volume since February 2023. According to him, NFT projects, particularly those led by major players like Yuga Labs, are experiencing a liquidity crisis.
Kan remarked, “The NFT market is currently facing a serious stagnation. Many projects are trying to attract users by developing new strategies. The NFT sector must regain its momentum.”
<h2 style="text-align: justify" id="strong-memecoins-outpace-altcoins-strong">Memecoins Outpace Altcoins</h2>
In 2024, memecoins are rapidly climbing, with their trading volume rising from $3 billion in 2023 to $16 billion. Kaiko data indicates that the market share of memecoins has increased from 7% to a range of 25-30%.
Experts note that the perception of memecoins as fairer has played a significant role in this rise. Investors find memecoins to be more transparent and equitable compared to VC-backed tokens, as memecoins typically have fully circulating supplies, leading to organic price formations.
Additionally, speculations about a potential revival in the NFT market arise due to Yuga Labs launching the ApeChain blockchain and APE coin gaining over 100% in value.
To overcome the liquidity crisis, the NFT market needs new strategies and a regained momentum. Furthermore, the rise in <a href="https://en.coin-turk.com/bonk-cryptocurrency-performance-and-market-insights/" data-wpel-link="internal" rel="noopener noreferrer nofollow">memecoin</a> trading volume has led to a significant stake in the <a href="https://en.coin-turk.com/binance-labs-invests-in-zircuit-to-enhance-network-growth/" data-wpel-link="internal" rel="noopener noreferrer nofollow">altcoin</a> market.
Ultimately, the trading volume of memecoins has reached $16 billion, while the NFT market continues to struggle with a liquidity crisis.
The post <a href="https://en.coin-turk.com/memecoins-surge-while-nft-market-faces-challenges/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Memecoins Surge While NFT Market Faces Challenges</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal" rel="noopener noreferrer nofollow">COINTURK NEWS</a>.

Memecoins Surge While NFT Market Faces Challenges

Table of Contents

COINTURK NEWS

Other articles published on Oct 22, 2024

Bitcoin Faces Resistance at $69,000 Amid Profit-Taking Concerns

Earn Passive Income Through Cryptocurrency with ION Mining to Achieve Financial Freedom

Ripple Co-Founder Chris Larsen Donates $10 Million to Kamala Harris' Presidential Campaign Amid D...

Paul Tudor Jones Advocates for Gold and Bitcoin Investment

Paul Tudor Jones Says He’s “Long” on Gold and Bitcoin

“If tariff doesn’t go up, we will shut down”- MTN CEO raises alarm

Join our free newsletter for daily crypto updates!