Meme cash recorded a large influx of celeb, sports activities, political, and animal-themed meme cash in Q2 2024 regardless of the broader crypto market downturn. 

Notably, this broader crypto market downtrend affected NFT, with gross sales quantity falling to $2.32 billion in Q2, 2024, a 44% decline from the $4.14 billion recorded in Q1. 

This market-wide downturn coincides with Bitcoin’s 15% decline from its March 14 all-time excessive of $73,750. High altcoins adopted an identical pathway, whereas meme cash appeared unscathed. 

Meme Cash Taking Thoughts Share Away from the NFT Sector

The surge in meme cash could have affected NFT gross sales, because it took buyers’ Thoughts Share away from the product. For context, Thoughts Share is the recognition of a specific product amongst shoppers and buyers.

Whereas NFT gross sales are declining, meme cash are actually the focal point with a surge of their buying and selling quantity. CoinGecko information reveals that the buying and selling quantity of meme cash has reached $3.6 billion within the final 24 hours. 

A lot of the buying and selling quantity stems from PolitiFi meme cash, whose recognition has elevated following the anticipation of the US 2024 presidential election. Furthermore, the Solana and Ethereum networks have additionally witnessed a spike in new celeb meme tokens.

Among the many cash that skilled a big price surge in Q2 are the frog-themed meme coin Pepe and the Donald Trump-linked token MAGA (TRUMP). PEPE recorded new all-time highs in Could, with the very best level of $0.00001718 attained on Could 27. 

Equally, MAGA’s price soared following Trump’s pro-crypto declarations throughout his marketing campaign, reaching a brand new all-time excessive of $17.52 on June 1. MAGA has declined practically 63% from its new report excessive.

One other meme coin that soared considerably in Q2 2024 is Gamestop GME, which reached an all-time excessive of $0.03207 on June 7 earlier than declining 75% to $0.0077.

Billionaire Mark Cuban’s Pockets Dumping NFTs After Two Years of Inactivity

Amid the declining NFT gross sales, a crypto pockets linked to billionaire Mark Cuban, inactive for nearly two years, dumped some NFTs. Its final sale earlier than doing dormant occurred on January 13, 2022, when Cuban bought one Roc Aero Pitch Deck NFT at $33.73.

Nevertheless, the pockets tackle tagged markcuban.eth not too long ago bought Pudgy Penguin alongside others corresponding to Euler Beats Genesis and Wrapped MoonCats.

In June, the billionaire bought about 14 NFTs for an estimated worth of $38,533. The Pudgy Penguin NFT, value $39,578, is the costliest NFT on his sale listing. The newest NFT gross sales have been within the $22-$1,800 price vary. 

In the meantime, the billionaire nonetheless plans to promote different high-value NFTs in his assortment. He posted his hashtag NFT #MFFL, value 15 Ether, on the market with an estimated worth of $50,000. 

Cuban additionally listed his BibleNFT, Deuteronomy 25:4, on the market at 5 ETH (roughly $16,000). If he sells each NFTs, his complete gross sales will enhance to $100,000.

Though the explanation for Cuban’s NFT gross sales is unknown, it coincides with a safety breach on his Gmail account. Cuban revealed that his Gmail account was compromised after he obtained a fraudulent name. Nevertheless, with Google’s assist, Cuban recovered his Gmail account on June 25. 

Furthermore, Mark Cuban misplaced nearly $900,000 to fraudsters in 2023. So, the latest NFT gross sales may doubtless be preventive measures. However, given the rising curiosity in meme cash, the gross sales may need triggered different buyers to dump their NFTs.

This isn’t the primary of such a decline in gross sales within the NFT market. Marker information reveals that NFTs confronted an identical decline in 2023 earlier than rallying to report over $3 billion in gross sales within the final quarter.