Cryptopunksis the second ranked NFT collection in terms of market capitalization and floor price, and has witnessed significant growth in terms of unique addresses buying NFTs.
The sudden interest in CryptoPunks may be due to the recent spike in CryptoPunk’s social activity.
Now, let’s not forget that the growing interest in the CryptoPunks collection could also affect the health of the NFT market as a whole.
punk is not dead
According to an NFT analyst who goes by his Twitter handle @punk9059the number of unique addresses owning CryptoPunks has grown significantly over the past year.
Well, the number of unique addresses with CryptoPunks exceeded 3600 for the first time.
One of the reasons for CryptoPunk’s growth may be due to the surge in social activity. As you can see from the chart below, CryptoPunk’s social media volume remained fairly flat throughout the month. However, in recent weeks we have seen some spikes.
The weighted sentiment metric increased as social media volume surged. This simply meant that the crypto community had a positive opinion of CryptoPunks.
Additionally, CryptoPunk’s lowest price has also increased over the past week.this 6.03% surge in the last 7 days.
However, CryptoPunk’s market cap and trading volume have not shown any improvement over the last 30 days.
Aside from the spike on September 28th, CryptoPunk’s trading volume was relatively flat. Its market cap has been flat for much of the last month, with no major fluctuations.
That being said, the decline in trading volume has had a negative impact on CryptoPunk’s average price.
Over the last 24 hours, the NFT Collection’s average transaction price has decreased by 10.24%. Overall, however, average price action has recovered from the lows that were hit continuously from September 12th to 24th.
While we’ve seen growth in terms of unique addresses holding CryptoPunks, it looks like the punks still have a long way to go and an uphill battle continues.
according to NFTGO, at the time of pressing, BAYC observed a volume decrease of 11.85% over the last 24 hours. And MAYC observed a decrease of 11.87% on the same side.