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Can MoonBirds fly amid the tittle-tattle of drawdowns

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Source: Pixabay

The Moonbirds collection has been making strides in the NFT market as of 5 July. The Ethereum [ETH]-based collection is topping the sales volume charts with a 375% hike in the last 24 hours. It has been a massive day for the collection after a positive week altogether.

Let the birds fly

The crypto market is on a “mini rally” since 4 July. The bullish sentiment of the crypto market has swept into the NFT markets as well. Additionally since 4 July, the NFT market has seen a 5.8% pump with green signs across major collections.

Topping the sales volume charts right now is the Moonbirds collection at $1.735 million. The collection is also in the weekly top five with over $4.2 million in sales. The sales have increased rapidly over the past week for Moonbirds NFTs. It received a 101% hike over the week to cross $4.3 million, at press time.

Source: CryptoSlam

A major reason for the increasing sales is the growing number of active wallets. This data set is up by 53% over the week to surpass 500 active wallets.

Source: CryptoSlam

Another important reason is the profits from trading the Moonbirds NFT collection. Profitability has increased multi-fold by 238.9% over the week to touch $1,670,589.

Source: CryptoSlam

While numbers tend to be impressive for Moonbirds, there are doubts if the collection will decimate soon. Extreme market conditions have prompted volatility across risk-off assets. Recently, it was the Sorare collection that was topping charts with almost unbelievable numbers and now its Moonbirds.

Will the Moonbirds collection maintain its momentum, or will it stoop down to new lows?

Recession bells are ringing!

HODLers should be concerned with the increasing rumors around the possibility of a recession. NFTs and DeFis were the first to be affected when inflation rates rose to new highs. Additionally, given the nature of NFTs, the probability of them sinking low stands undisputed in the event of a recession. This would be a huge shock for the entire NFT community that is beginning to recover from woeful month.

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Kanav is a journalist at AMBCrypto. He has a Masters in Media and International Conflict and is interested in areas of digital society, crypto developments in the political sphere and the socio-cultural impact of a crypto-society.

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