Mitrade Insights is dedicated to providing investors with rich, timely and most valuable financial information to help investors grasp the market situation and find timely trading opportunities.
    2021
    Best News & Analysis Provider
    FxDailyInfo
    2022
    Best Forex Educational Resources Global
    International Business Magazine

    Bitcoin NodeMonkes NFT collection sees massive spike in demand by whales

    Source Fxstreet
    Mar 4, 2024 08:53
    • Bitcoin NFT sales surpass Ethereum for the first time, driven by a massive spike in demand for NodeMonkes NFTs. 
    • A Bitcoin whale spent over 53 BTC for 6 NodeMonkes worth approximately $3.35 million, according to NFTstats.eth. 
    • NodeMonkes ranks third after Crypto Punks and Bored Ape Yacht Club with over $550 million in market cap. 

    Bitcoin (BTC) has seen a resurgence in the non-fungible token narrative with NodeMonkes, a collection of pixelated NFTs on the BTC blockchain. The popularity of the 10,000 NFT collection is driven by interest from Bitcoin whales, whose buying interest is supporting the rapid increase of the project’s market capitalization. 

    NodeMonkes is driving a Crypto Punk-like frenzy as the Bitcoin Ordinals trading market sees a massive spike in transactions, users and trade volume. 

    Also read: Bitcoin NFTs make comeback in weekly sales, flipping Ethereum

    Bitcoin NFT collection NodeMonkes sees spike in popularity

    The interest from Bitcoin’s large wallet investors has pushed pixelated Ordinals collection NodeMonkes to the top three NFTs, by market capitalization. NodeMonkes are not technically NFTs, they are Ordinals on the Bitcoin blockchain. These pixelated images are inscribed on individual fragments of Bitcoin, known as Satoshis. 

    Data from NFTstats.eth shows that a Bitcoin whale spent on xxxxxx 53.45 Bitcoin to acquire 6 NodeMonkes worth nearly $3.35 million.

    Ordinals make comeback on Bitcoin

    The Ordinals trading volume on Bitcoin climbed to a peak of $51.14 million on Sunday, the highest level since December. The number of transactions and users of Bitcoin Ordinals hit a two-month peak as NodeMonkes resurfaced after their 2023 launch. 

    Ordinals

    Ordinals trading volume. Source: Dune

    The Bitcoin NFT space was plagued by low trade volume for weeks, but the narrative has returned with the resurgence in demand for the NodeMonke collection. The project announced that Gavin the Monke, an NFT from the collection, will be auctioned by Sotheby’s.

    The co-founder of an animated generative art collection Numeric Archetypes, who goes with the X handle @wronguser000, said NodeMonkes could flip Crypto Punks, the largest NFT collection by market capitalization. 

    Find out more about how Bitcoin NFTs compare against Ethereum, here.

    NodeMonke floor price is up nearly 8% in the past 24 hours, to 0.87 BTC, early on Monday. The collection’s market capitalization is at around $557.5 million. 

    Bitcoin price is $64,800 at the time of writing. Expectations surrounding the upcoming halving, whale interest in Ordinals, and the rising inflow to Exchange Traded Funds (ETFs) is likely to catalyze further gains in the asset.

    Disclaimer: For information purposes only. Past performance is not indicative of future results.
    placeholder
    Friend.tech V2 release and speculation over potential airdrop pushes TVL above $40 millionFiend.tech, a Social Fi platform on Coinbase’s Base chain, said Tuesday that its version 2 release is on the way, and suggested the possibility of an airdrop of its FRIEND token.
    Source  Fxstreet
    Fiend.tech, a Social Fi platform on Coinbase’s Base chain, said Tuesday that its version 2 release is on the way, and suggested the possibility of an airdrop of its FRIEND token.
    placeholder
    PancakeSwap price surges as DEX burns $35 million CAKE tokensPancakeSwap (CAKE) announced a burn of 8,703,247 CAKE on Monday, pulling $35 million worth of DeFi tokens from circulation.
    Source  Fxstreet
    PancakeSwap (CAKE) announced a burn of 8,703,247 CAKE on Monday, pulling $35 million worth of DeFi tokens from circulation.
    placeholder
    Astar zkEVM plans mainnet upgrade for April 10, set to boost functionality and performanceAstar zero-knowledged EVM (zkEVM) is an Ethereum Layer 2 scaling solution that leverages Polygon’s Chain Development Kit.
    Source  Fxstreet
    Astar zero-knowledged EVM (zkEVM) is an Ethereum Layer 2 scaling solution that leverages Polygon’s Chain Development Kit.
    goTop
    quote