PEPE's market value has surpassed the sum of the top 30 NFT projects

PEPE’s market cap is $6.2 billion, just below its all-time high of $6.9 billion set on May 27, while the cumulative value of the top 30 NFT projects is just over $4 billion. Top NFT projects CryptoPunks has a market cap of $1.2 billion, Bored Ape Yacht Club (BAYC) has a market cap of $488 million, and Pudgy Penguins has a market cap of $365 million. CryptoSlam’s 500 NFT Index, which tracks the top 500 NFT collections, is down 40% year-over-year. The index is down 95% since the platform began recording prices. According to the Dune data dashboard, users actively trading NFTs have also been on a clear downward trend. OpenSea, once a top market, has seen a drop of more than 90% in weekly traders, from 187,000 in June 2022 to less than 10,000 currently. Most other NFT platforms (such as Blur, Magic Eden, LooksRare) have experienced similar experiences to OpenSea, with the total number of weekly traders across all platforms plummeting from 201,000 in June 2022 to 24,300 today. Meanwhile, although PEPE prices are down 8% today, they have soared 10 times over the past year. (The Defiant)