Top NFT-Related Cryptocurrencies Showing Development Activity
During the recent month, some NFT-related cryptocurrencies have been making significant strides in terms of development. Despite the strong market performances, leading projects like Internet Computer (ICP) and Artificial Superintelligence Alliance (FET) did not make it to the top 10 list based on market cap.
The Standout Performers
In the world of cryptocurrencies, non-fungible tokens (NFTs) and their related coins have been a major trend. Even though the initial hype may have faded, these tokens still hold a significant market share, with a combined market capitalization exceeding $30 billion according to data from CoinGecko.
Santiment, a crypto market intelligence platform, recently analyzed the top 10 NFT-related cryptocurrencies based on their development activity over the past month. Leading the pack is Decentraland (MANA) with an impressive score of 145.77.
Decentraland’s token is used for transactions within its virtual ecosystem, and it experienced a surge in value towards the end of 2021, reaching an all-time high price of over $5.
The Top NFT-Related Cryptocurrencies
Currently, one of the top-performing NFT-related cryptocurrencies is Flow (FLOW), which is trading at around $0.33. It holds the top spot in the ranking with a score of 140.7. Following closely behind is Metaplex (MPLX) in second place with a score of 20.03. Axie Infinity (AXS) and Enjin Coin (ENJ) are also popular gaming tokens that round out the top five.
The Decline of The Sandbox (SAND)
Interestingly, The Sandbox (SAND) has seen a significant decline in value after reaching its all-time high of over $7 during a bull run in November 2021. Currently, SAND is valued at $0.31, marking a staggering 95% decrease compared to its peak.
The Missing Players
It is notable that none of the top five NFT-related cryptocurrencies in terms of market capitalization – Internet Computer (ICP), Artificial Superintelligence Alliance (FET), Render (RENDER), Immutable (IMX), and Floki Inu (FLOKI) – made it to the list. ICP saw a price increase of over 130% in the past year, while FET reached an all-time high of $3.27 in March 2024.
The Rise of Cryptocurrency Valuations
Earlier this year, the value of cryptocurrencies reached record highs. In January, one particular token gained attention from the popular exchange Coinbase, leading to a significant increase in its price. This support from a major player in the crypto market boosted investor confidence, causing the token’s value to soar even further in the weeks that followed.
IMX and FLOKI: Valuation Trends
IMX has experienced a 110% increase in its valuation over the past year, reflecting the growing interest in this particular cryptocurrency. On the other hand, FLOKI has seen an explosive surge of 715% in the same period, indicating a remarkable rise in its value and popularity among investors.
Special Offers in the Crypto Market
Don’t miss out on exclusive deals in the cryptocurrency market! Register a new account on Binance using the provided link to receive a $600 welcome offer. Additionally, take advantage of a limited offer at BYDFi Exchange in 2024, where you can earn up to $2,888 as a welcome reward. Simply register and open a 100 USDT-M position for free to claim this special promotion.
