The price of Bitcoin alongside that of Altcoins surged higher on May 26 following a marketwide recovery. At the time of writing, selected tokens such as Enjin Coin (+66.74%), SKALE (+90.78%), Origin (+55.83%), MATIC (+29.27%) were seen posting impressive rallies over the last 24 hours, the NFTs ecosystem has performed remarkably well in comparison to the rest of the market. The NFTs token Market Capitalization saw a 14.22% increase over the last 24 hours to stand at $18.8 billion while the trading volume of NFTs tokens and collectibles has grown by 41.64% to record at $3.24 billion.
This growth is reflected in NFTs tokens such as THETA (+11.62%), Chiliz (CHZ,+21.33%), Decentraland (MANA,+30.52%), Enjin Coin (ENJ, +60.24%), Origin Protocol (OGN,+53.62%), ERC 20 (+53.62%) notching double-digit gains.
The NFTs ecosystem is making a gradual market comeback after its growth slowed down since March following an impressive bull run earlier in the year. With a renewed interest in NFTs, it may not be wrong to anticipate more growth in the days ahead.
SKALE Network (SKL)
Following Elon Musk’s tweet of looking out for cryptocurrencies that use less than 1% of Bitcoin’s energy on May 13, the Market is seeing renewed interest in low carbon footprint proof of stake networks such as SKALE Network. SKALE is an Ethereum orchestrated multichain network built to help Ethereum Dapp’sDapp’s scale to more users with lower costs and better performance.
On May 25, SKALE Network announced a 50X increase in SKL token holders, growing to over 1,000,000 in just over 4 weeks. Decentralized finance combined with a surge in interest in NFTs has caused a dramatic increase in Ethereum gas fees with an attendant network congestion effect. This in a way created the perfect environment for alternative proof of stake networks to bloom. On May 26, Skale rallied from lows of $0.33 to intraday highs of $0.63, gaining nearly 100%.
Origin Protocol (OGN)
Origin Protocol is a platform for hosting NFT sales. Users could also earn high yield rewards with the OUSD Stablecoin by staking OGN. Origin Protocol recently disrupted content ownership with the Charlie Bit Me NFT auction. Charlie reportedly set a new record for a meme-as-NFT sale with Origin’s NFT Launchpad, raising $760,999 to surpass other notable video & meme NFTs, Nyan Cat and Disaster Girl.
Josh Fraser tweeted regarding this on May 26: ”For anyone keeping score, Origin protocol has now set records for both the largest music NFT to drop and the largest viral video/meme drop”
As of press time, Origin Protocol was trading at $1.24, up by 54.12% in the last 24 hours and 59.79% weekly.
Polygon (MATIC)
On Wednesday, Polygon announced the launch of its SDK stack referring to it as an important milestone for Polygon and a major step towards Multi-chain Ethereum. Polygon SDK aims to introduce structure to the ecosystem and provide a framework for Multi-chain Ethereum to grow further and faster. Polygon, formerly known as Matic, has been growing in popularity recently, especially as a major platform for scaling Ethereum.
With a present market cap of $13.87 billion, MATIC has flipped Chainlink and Litecoin to rank 13th largest. Matic traded to highs of $2.43 on May 26, while on track to recoup all its losses during the May 19-23 marketwide crash, being one of the few digital assets to do so.
Enjin Coin (ENJ)
Enjin coin is seeing a massive rise after it airdropped 50,000 free NFTs as part of a marketing campaign last weekend. Social media users reportedly claimed the pieces by scanning a QR code and downloading the Enjin Wallet app.
Enjin Coin team also took out a series of digital adverts tagged “MyFirstNFT.” This created the necessary attention as the ads went out on Reddit, Instagram, Facebook, and Twitter. At the time of writing, ENJ traded at $1.84, up 55.74% in the last 24 hours and 46.62% weekly.
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