Is CryptoPunks’ recent growth indicative of the NFT market’s general progress

CryptoPunksan NFT collection that ranks number two in terms of market value and floor price experienced massive growth in terms of unique addresses purchasing NFT.

The sudden interest in CryptoPunks can be attributed to a recent increase in CryptoPunk social activity.

Well, we should not forget that a growing interest in the CryptoPunks collection can also affect the overall health of the NFT market.

Punk is not dead

According to an NFT analyst who goes by the Twitter handle @punk9059the number of unique addresses owning CryptoPunks has increased significantly over the past year.

Well, the number of unique addresses with CryptoPunks exceeded 3600 for the first time.

Source: NFTstatistics.eth

One of the reasons for CryptoPunk’s growth may be the increase in social activity. As can be observed from the chart below, CryptoPunk’s social media volume was fairly flat throughout the month. In recent weeks, however, it has seen some spikes.

Following increases in social media volume was growth in the weighted sentiment metric. This simply means that the crypto community had positive things to say about CryptoPunks.

Source: Sentiment

Furthermore, CryptoPunk’s floor price has also observed growth in the past week. It increased by 6.03% the last seven days.

However, CryptoPunk’s market capitalization and volume showed no improvement in the last 30 days.

Apart from a peak on September 28, CryptoPunk’s trading volume was relatively flat. The market cap moved sideways for most of last month, indicating no major swings.

Source: NFTGO

That said, the decrease in trading volume has had a negative effect on CryptoPunk’s average price.

Over the past 24 hours, the average trading price of the NFT collection has weakened by 10.24%. Overall, however, the average price movement recovered from the lows it had consistently reached between 12 and 24 September.

Although there has been growth in terms of unique addresses holding CryptoPunks, it still seems that the punks have a long way to go and an uphill battle.

Although CryptoPunk’s recent developments indicate a growing interest in the NFT space, bluechip NFTs such as BAYC and MAYC has not been on the receiving end of any kind of growth.

In accordance NFTGO, at press time, BAYC observed an 11.85% decline in volume over the past 24 hours. And MAYC observed a decrease of 11.87% in the same aspect.