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Home Ethereum

Ethereum NFT market faces slump: Any impact on ETH?

June 2, 2024
in Ethereum
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Ethereum NFT market faces slump: Any impact on ETH?
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  • Interest in Ethereum NFTs declined materially as sales plummeted over the past month.
  • ETH’s price remained stable, but network growth continued to decline.
Even though the price movement of Ethereum [ETH] was in a positive direction over the last few days, the ecosystem of Ethereum was facing some major problems.

NFT volumes begin to fall

Over the past month, the total sales of Ethereum NFTs fell by 55%. Popular Ethereum NFT collections such as BAYC (Bored Ape Yacht Club), MAYC (Mutant Ape Yacht Club) and Crypto Punks witnessed a significant decline of more than 40% in terms of sales and floor prices.

NFTs on other networks such as Solana and Bitcoin were gaining traction compared to the Ethereum network.

 

Source: Crypto Slam

Moreover, the daily active addresses on the Ethereum network also fell significantly over the last few days along with the gas usage on the network, implying declining overall activity on the Ethereum ecosystem.

This maybe a sign that Ethereum’s popularity as an ecosystem was waning significantly.

Even though the interest in ETH due to the hype around its ETF has risen and caused the price to grow, a waning interest in the Ethereum ETF’s could cause a problem for ETH in the long run.

Source: Santiment

At press time, ETH was trading at $3,786.76 and its price had fallen by 0.68%. The network growth around the ETH token had fallen significantly, implying that the number of new addresses interesting with ETH had drastically declined.

A lack of interest from new addresses suggested that the market was not ready to buy ETH at its current price.

See also  Ethereum Futures Market Points To Potential Breakout—Here’s What You Need To Know

Some bulls may wait for a correction before accumulating more ETH in the future.

Additionally, the velocity at which ETH was trading at had grown, indicating that the frequency with which ETH was trading at had risen.

Only time will tell whether the price action of ETH co relates with the rising velocity, giving bulls some hope about the future.

Source: Santiment


Is your portfolio green? Check the Ethereum Profit Calculator


How are addresses holding up?

Coming to the state of the holders, it was seen that most addresses were profitable, as indicated by the high MVRV ratio for ETH.

Even though a high MVRV ratio means that more holders are incentivized to sell their holdings, the presence of long term holders showcased by the high Long/Short difference implies that a large sell-off may not happen anytime soon.

 

Source: Santiment

Next: Ethereum price prediction: Why a move to $4K may take time

READ ALSO

Ethereum Looks Ready To Break Out Of 4-Year Consolidation, Analyst Says Price Will ‘Go Insane’

Binance loses 300K ETH – Here’s what it means for bulls eyeing $2.7K

  • Interest in Ethereum NFTs declined materially as sales plummeted over the past month.
  • ETH’s price remained stable, but network growth continued to decline.
Even though the price movement of Ethereum [ETH] was in a positive direction over the last few days, the ecosystem of Ethereum was facing some major problems.

NFT volumes begin to fall

Over the past month, the total sales of Ethereum NFTs fell by 55%. Popular Ethereum NFT collections such as BAYC (Bored Ape Yacht Club), MAYC (Mutant Ape Yacht Club) and Crypto Punks witnessed a significant decline of more than 40% in terms of sales and floor prices.

See also  Blockchain Technology in Healthcare Market Size Set To Grow at a 68.32% During 2025 to 2032 | IBM, Microsoft, PATIENTORY, Oracle, Blockpharma

NFTs on other networks such as Solana and Bitcoin were gaining traction compared to the Ethereum network.

 

Source: Crypto Slam

Moreover, the daily active addresses on the Ethereum network also fell significantly over the last few days along with the gas usage on the network, implying declining overall activity on the Ethereum ecosystem.

This maybe a sign that Ethereum’s popularity as an ecosystem was waning significantly.

Even though the interest in ETH due to the hype around its ETF has risen and caused the price to grow, a waning interest in the Ethereum ETF’s could cause a problem for ETH in the long run.

Source: Santiment

At press time, ETH was trading at $3,786.76 and its price had fallen by 0.68%. The network growth around the ETH token had fallen significantly, implying that the number of new addresses interesting with ETH had drastically declined.

A lack of interest from new addresses suggested that the market was not ready to buy ETH at its current price.

Some bulls may wait for a correction before accumulating more ETH in the future.

Additionally, the velocity at which ETH was trading at had grown, indicating that the frequency with which ETH was trading at had risen.

Only time will tell whether the price action of ETH co relates with the rising velocity, giving bulls some hope about the future.

Source: Santiment


Is your portfolio green? Check the Ethereum Profit Calculator


How are addresses holding up?

Coming to the state of the holders, it was seen that most addresses were profitable, as indicated by the high MVRV ratio for ETH.

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Even though a high MVRV ratio means that more holders are incentivized to sell their holdings, the presence of long term holders showcased by the high Long/Short difference implies that a large sell-off may not happen anytime soon.

 

Source: Santiment

Next: Ethereum price prediction: Why a move to $4K may take time
Tags: ETHEthereumFacesimpactmarketNFTSlump

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Memecoin Project Obama6900 (OBX) Joins the Fight Against Malaria with Long-Lasting Insecticidal Nets (LLINs)

Memecoin Project Obama6900 (OBX) Joins the Fight Against Malaria with Long-Lasting Insecticidal Nets (LLINs)

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Tezos 2023 Outlook: An Overview of Tezos (XTZ)

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UK risks regulating NFTs the wrong way, says Mintable CEO

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How to Earn Keys to Boost Your HMSTR Airdrop

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Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

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Mining Milestone: Bitcoin Hashrate Hits Record 808 EH/s on New Year’s Eve

Mining Milestone: Bitcoin Hashrate Hits Record 808 EH/s on New Year’s Eve

January 2, 2025
Polygon Labs’ Nailwal proposes zk-powered ApeCoin Ethereum Layer 2

Polygon Labs’ Nailwal proposes zk-powered ApeCoin Ethereum Layer 2

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Iceriver KAS KS0 PRO ASIC Miner to Replace the KS0 Entry Level Kaspa ASICs

Iceriver KAS KS0 PRO ASIC Miner to Replace the KS0 Entry Level Kaspa ASICs

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Dog Coins May Be About to Pump…

Dog Coins May Be About to Pump…

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