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CryptoPunks witnesses 60% decline in 7 days, but all’s not lost

2min Read

Despite recent declines, CryptoPunks stands strong as the top blue-chip NFT, boasting a record-breaking market cap of $1.9 billion and reaffirming NFTs’ lasting significance.

CryptoPunks witnesses 60% decline in 7 days, but all's not lost

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  • CryptoPunks’ sales and volume metrics have recorded over 60% decline in the past seven days.
  • CryptoPunks still maintained the largest NFT market cap with almost $2 billion.

CryptoPunks witnessed some concerning statistics that raised quite a few concerns about NFTs. In the past week, the collection encountered a rather gloomy scenario with its stats.

According to OpenSea, CryptoPunks’ volume and sales plummeted in the last seven days. The volume witnessed a sharp 64% drop, while sales were down by 60%. The situation doesn’t look any brighter when we check the numbers on DappRadar, where more negative trends have surfaced.

The count of unique active wallets has experienced a disheartening decline of over 18%, and transactions have also taken a hit, decreasing by over 32%.

These short-term figures are undoubtedly worrisome, painting a rather bleak image of the collection’s current state. However, it’s important to consider that analyzing the same statistics over a longer timeframe might reveal a different narrative altogether.

Comparing CryptoPunks’ long and short-term stats

When zooming out to 30 days, the outlook for CryptoPunks’ collection immediately improves. Over this extended timeframe, the volume has shown an impressive surge of over 92%, totaling 8,700 ETH. Sales have also witnessed a substantial uptick of over 72%, boasting around 129 successful transactions recorded.

Delving into DappRadar’s data, we find that Unique Active Wallets have soared by over 84%, reaching an impressive count of 607. Additionally, transactions have seen a significant boost of over 86%, with nearly 2,000 transactions occurring.

CryptoPunks key metrics

Source: DappRadar

These statistics indicate that while CryptoPunks’ experienced a negative spell in the past seven days, its gains far outweigh the losses over the longer 30-day timeframe. Thus, the collection’s prospects look notably brighter in a grander scheme.

Overall NFT ranking

Looking at the all-time NFT rankings on DappRadar, CryptoPunks held its place as a top-tier blue-chip NFT. According to the data, CryptoPunk boasted the largest market cap ever recorded, soaring past $1.9 billion.

It even surpassed the market cap of Axie Infinity, which stood at over $374 million and ranked first.

In the broader picture, CryptoPunks secured an impressive second position, with a total volume amounting to nearly $3.4 billion, while Axie Infinity led with over $4 billion in volume.

While the initial hype around NFTs may have simmered down, it’s evident that the recent decline experienced by CryptoPunks and similar NFTs was not enough to declare the demise of the NFT market. 

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Adewale is a full-time journalist at AMBCrypto. While he is increasingly fascinating by the world of blockchain and cryptocurrencies, Adewale holds a degree in International Relations. Besides working on insightful articles that touch upon the crypto-space's hottest issues, he finds joy in supporting Manchester United and Afrobeat music.
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