PEPE Is Now Worth More Than Most Major NFT Projects Combined

PEPE’s market cap sits at $6.2 billion, while the top 30 NFT projects are cumulatively valued slightly above $4 billion.

By: Pedro Solimano Loading...

Pepe prominently displayed against a background of dimmer neon-colored NFT symbols

PEPE, the Ethereum-based memecoin that represents the classic green image of a frog, is now worth more than every other major NFT project across all blockchains – combined.

PEPE commands a $6.2 billion market capitalization, down slightly from its recent all-time high of $6.9 billion on May 27, according to CoinGecko. Meanwhile, the majority of top NFT projects haven’t managed to get back on trader’s radars and have been bleeding out over the past year.

According to Punk9059, a group of NFT projects that includes Bored Ape Yacht Club (BAYC), CryptoPunks, Pudgy Penguins, Autoglyphs, Mocaverse, and MadLads, among others, just manages to scrape past the $4 billion mark.

NFTs vs PEPE chart

The top NFT projects are also concentrated in terms of market cap. CryptoPunks, the leading NFT project, showcases a $1.2 billion market cap, followed by Bored Ape Yacht Club (BAYC) with $488 million and Pudgy Penguins with $365 million.

NFTs On Their Last Legs

Having PEPE ahead of major collections only strengthens the case that the NFT market is living through its worst days.

CryptoSlam’s 500 NFT Index, which tracks the top 500 collections, is down 40% on the year, and has suffered a 95% drawdown since the platform began recording prices.

Users actively trading NFTs have also been in a significant downtrend, according to a Dune dashboard. Once the top marketplace, weekly traders on OpenSea are down more than 90%, from 187,000 in June 2022 to just under 10,000 today.

Most other NFT platforms share OpenSea’s fate. Blur, Magic Eden, and LooksRare have also lost traders' interest, and the total number of weekly traders across all platforms has plummeted from 201,000 in June 2022 to 24,300 today.

Weekly NFT Traders chart
Weekly NFT Traders

Meanwhile, PEPE has soared tenfold over the past year despite an 8% drop today.