The post-Trump election crypto rally, which sparked a surge in bitcoin prices to record levels and a boom in meme coins, seems to be leaving one crypto boom fad – NFTs – in the slow lane.
A recent surge in meme coins and bitcoin prices has left NFTs behind in terms of market performance.
Despite the booming crypto market, which has seen record highs for bitcoin and a surge in meme coins like dogecoin and shiba inu, NFTs have not experienced a significant price increase.
This contrasts with the broader crypto market, which has been fuelled by a post-Trump election rally and a surge in retail investors, driving bitcoin prices to record levels and sparking a boom in meme coins.
In a bubble market last year, prices for NFTs, which are unique digital assets, soared to astronomical levels. Bored Ape NFTs, depicting cartoon-like monkeys, sold for over $400,000 each, while a collage by digital artist Beeple fetched a staggering $69.3 million at a Christie's auction. An animated feline named "Nyan Cat" sold for $600,000, and an image of Twitter co-founder Jack Dorsey's first tweet went for over $2.9 million.
However, this year's crypto rally appears to have left NFTs in the dust, with prices remaining largely stagnant and showing no signs of the瘋狂surges that gripped the market in 2021.
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