The non-fungible token (NFT) and meme coin markets have experienced a modest recovery over the past week, consistent with a broad improvement in risk sentiment across the crypto industry.
On Tuesday, the global NFT market capitalization rebounded from about $3.5 billion on Nov. 5 to $3.9 billion at the time of writing, an increase of nearly 12% in almost a week, according to CoinGecko data.
It was a similar story with meme coins. Data from CoinMarketCap shows that the total valuation of meme coins expanded from $47 billion to $52 billion, an increase of about 11% over the same period.
This move reflects a resurgence of speculative appetite in the market. Traders appear to be returning investments to riskier assets after weeks of subdued activity, even as macro uncertainty from unresolved U.S. government funding deals remains looming.
This week’s rally comes after a sharp decline in overall NFT market capitalization. As previously reported by Cointelegraph, the global NFT market value fell 46% from October 5th to November 5th.
Not all good NFTs have recovered.
Sales data tracker CryptoSlam shows that only a subset of the top 20 NFT collections recorded significant sales increases.
According to the data, CryptoPunks saw a 22.8% increase in seven-day sales to nearly $3 million, while Mutant Ape Yacht Club and Milady Maker saw increases of 36.5% and 80%, respectively.
Polygon-based Courtyard also increased by more than 14%, and smaller Ethereum projects such as Lil Pudgys increased by about 24%.
In contrast, major players such as Bored Ape Yacht Club (BAYC), Pudsey Penguins and Moonbirds continued to decline. BAYC’s sales were down 10.3% last week, while Pudsey Penguins and Moonbirds were down 23% and 2%, respectively.
Of the top 10 blockchains by NFT sales, the majority recorded a decline in sales volume ranging from 6% to 42%. However, three chains stood out this week: BNB Chain (+53%), Polygon (+9.3%), and Flow (+43%).
The split in performance highlights that while the current NFT rally is concentrated in a smaller number of collections with more momentum, broader liquidity and trader participation remain more limited.
Related: Valve’s Counter-Strike 2 update destroys $5.8 billion economy, revives NFT debate
Memecoin gains ripple widely across sectors
Unlike NFTs, where gains were concentrated in a few collections, the memecoin sector showed a broader rally, with all of the top 10 memecoin tokens by market cap posting gains over the past seven days.
Dogecoin (DOGE) is up 8.7% over the past week, while Shiba Inu (SHIB) and Pepe (PEPE) are up 10.4% and 7%, respectively. Top Solana meme coins such as Bonk (BONK) increased by 11.8%, while Dogwifhat (WIF) showed an increase of 14.2%.
US President Donald Trump’s official meme coin token has been the biggest gainer among large meme coins, gaining 14.20% over the past seven days.
magazine: YouTube bans Web3 game content, Animoca listed on NASDAQ: Web3 Gamer