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A newly created crypto wallet has sparked a significant resurgence in the NFT market by acquiring 45 CryptoPunks for 2,082 ETH, approximately $7.79 million.
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This bulk purchase contributed to a 20% surge in NFT market capitalization within 24 hours, driven primarily by Ethereum-based collections.
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According to COINOTAG, the wallet 0x1bb3’s aggressive buying spree signals renewed investor confidence in high-value NFTs amid Ethereum’s price rally.
Crypto wallet 0x1bb3’s $7.79M CryptoPunks purchase fuels a 20% NFT market surge, coinciding with Ethereum’s 50% price rally and increased NFT trading volumes.
Ethereum-Based NFT Collections Propel Market Cap Growth by 20%
The recent acquisition by wallet 0x1bb3 catalyzed a remarkable 20% increase in the NFT market cap, which jumped from $5.1 billion to $6.4 billion within a single day. This surge was predominantly led by Ethereum-based NFT collections, which saw their trading volumes escalate to $75 million over the past week, a substantial rise from $18.3 million just two weeks prior. CryptoPunks, the premier NFT collection by market capitalization, experienced a notable floor price increase of 15.9%, climbing from 40.9 ETH to 47.5 ETH, equating to roughly $179,000 per NFT. The influx of 83 new CryptoPunk holders during this period underscores a revitalized interest in premium digital assets.
Whale Wallet 0x1bb3 Expands Portfolio with Chromie Squiggle Acquisition
Following the substantial CryptoPunks purchase, wallet 0x1bb3 further diversified its holdings by acquiring a Chromie Squiggle NFT for 60.5 ETH, approximately $227,000. Currently, this wallet’s portfolio on OpenSea exceeds 1,700 ETH in value, or about $6.5 million. This aggressive buying pattern has contributed significantly to the surge in Ethereum NFT trading volumes and has sparked heightened activity across NFT marketplaces. While Ethereum NFTs dominate, Bitcoin-based NFTs also witnessed an increase in volume to $25.6 million, nearly doubling from $11 million, whereas Polygon NFTs experienced a decline. Overall, total NFT trading volume across major blockchains reached $143.5 million within the last week.
Ethereum’s Price Rally Drives Renewed Demand for Digital Collectibles
The NFT market rebound closely mirrors Ethereum’s substantial price appreciation, with ETH climbing nearly 50% from $2,525 on July 6 to approximately $3,730. This price momentum has invigorated demand for digital collectibles, pushing Ethereum NFT trading volumes to their highest levels since mid-January. Despite this positive trend, the NFT sector faced challenges earlier in 2024, with year-over-year sales declining by 18%, marking the steepest drop since the 2021 peak. Additionally, Yuga Labs’ divestment of key NFT brands such as Meebits and Moonbirds earlier this year reflects ongoing market adjustments within the NFT ecosystem.
Conclusion
The recent $7.79 million CryptoPunks acquisition by wallet 0x1bb3 has played a pivotal role in revitalizing the NFT market, driving a 20% surge in market capitalization and renewed investor interest. This activity, coupled with Ethereum’s robust price rally, underscores a strengthening correlation between crypto asset prices and NFT demand. While challenges persist from earlier in the year, the current momentum suggests a cautiously optimistic outlook for Ethereum-based NFTs and the broader digital collectibles market.
