NFT Volume Don Jump Reach $106M Amid 70% Drop for Participants
For di past two weeks, NFT trading volume show strong wahala. For Week 1, di volume drop 22.7% reach $104.5 million as total transaction fall 3.1% reach 1.7 million. Despite di rough patch, active buyers jump 14.9% to 622,535 and sellers climb 16.3% to 447,821. Ethereum-led trading drop 29.9% to $37.7 million, with Polygon, Mythos Chain, BNB Chain, Bitcoin network and Solana all record weekly fall. Top big money sales be CryptoPunks #5898 for 100 ETH ($446k). Last week, NFT trading volume rise 5.7% to $106 million even as buyers and sellers drop almost 70%, showing say value traded no dey follow market participation. Total NFT transactions increase 2.6% to 1.75 million. Ethereum volume soften 4.95% to $34.02 million, but Mythos Chain jump 61.1% to $15.5 million and Polygon fall 14.4% to $13.37 million. CryptoPunks still dey popular with #2368 at 89 ETH plus other sales over 46 ETH.
Neutral
Di mixed signals wey land from week to week dey show say di market impact on NFT trading na neutral. Di first drop of 22.7% for NFT trading volume plus decline for major chains show say demand dey weak. But di 5.7% bounce back to $106 million mean say high-value collectors still dey active, even though di total count of buyers and sellers drop gbege. For short term, traders fit see small wahala as big drop for people wey dey participate fit make bid-ask spread wide and e go reduce liquidity. For long term, di return of volume — especially di jump for Mythos Chain — mean say institution or whale bros still get interest, wey fit stabilize price but e no too likely make sharp bullish rally happen without retail buyers join back.