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Blue-Chip NFTs Tumble as ETH Retreats From All-Time Highs
NFT Gaming

Blue-Chip NFTs Tumble as ETH Retreats From All-Time Highs

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Blue-chip non-fungible token (NFT) collections had steep weekly declines as Ether pulled back from all-time highs. 

Data from decentralized finance aggregator DefiLlama showed that top projects saw their floor prices sink by double digits in the last seven days. Blue-chip NFT collections like Pudgy Penguins, Bored Ape Yacht Club (BAYC) and Doodles were among the hardest hit.

Pudgy Penguins, the top NFT collection by 24-hour and 7-day volume, saw a 17.3% drop to a 10.32 Ether (ETH) floor price. BAYC shed 14.7% to 9.59 ETH, while Doodles recorded one of the sharpest corrections, dropping 18.9% to 0.73 ETH. Other major collections like Moonbirds and Lil Pudgys dropped 10.5% and 14.6%, respectively.

The NFT floor price drop followed a sharp ETH retracement after hitting new all-time highs. On Monday, CoinGecko data showed that ETH reached a new all-time high of $4,946. ETH dropped 12% on Tuesday to $4,342 before recovering slightly. At the time of writing, the crypto asset traded at $4,433.

Top NFT collections by trading volume. Source: DefiLlama

CryptoPunks remain resilient despite the market crash

While many collections suffered heavy losses, not all NFT projects were in retreat. CryptoPunks, which remained the top NFT collection by market cap, showed relative resilience, dropping only 1.35% over the week. 

Despite the top collections showing floor price declines, trading volumes remained high. Throughout the week, Pudgy Penguins led the market with about 2,112 ETH (about $9.36 million) in trading volume. The collection was followed by Moonbirds, with 1,979 ETH ($8.77 million). 

CryptoPunks followed closely with 1,879 ETH (about $8.33 million) in volume, while BAYC had 809 ETH ($3.59 million). 

Related: 3D-printed housing company adopts Bitcoin, NFTs in blockchain pivot

NFT market capitalization drops to $7.7 billion

While blue-chip NFTs suffered double-digit declines, the broader NFT space also dropped almost 5% to $7.7 billion, according to data aggregator NFT Price Floor. 

On Aug. 13, NFT Price Floor showed that the overall NFT market capitalization peaked at $9.3 billion, up 40% from July’s $6.6 billion. The surge was fueled by an increase in NFT activity following an ETH surge. 

On Aug. 18, the NFT market cap dropped further to $8.1 billion, wiping out $1.2 billion from digital collectible valuations. 

Magazine: Ethereum’s roadmap to 10,000 TPS using ZK tech: Dummies’ guide



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These 4 cryptos could soar as Eric Trump says stop betting against world’s largest cryptos
GameFi Guides

Morpho price set for a 60% jump as top metrics hit record highs

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Morpho price continued its strong rally this week, hitting its highest level since February amid robust demand for its lending solutions. 

Summary

  • Morpho token has jumped by 245% from the year-to-date low.
  • The total deposits in its platform jumped to $10 billion.
  • Technical analysis points to more gains this year.

Morpho (MORPHO) token jumped to a high of $2.8567, up by over 245% from its lowest level in March. Its market cap has soared to $867 million, while its 24-hour volume was up by 24%. 

Morpho price has rallied because of the ongoing demand of its solutions. Data on its website shows that the total deposits in its platform crossed the $10 billion milestone this week. Its issued loans have soared to over $3.6 billion. 

According to DeFi Llama, the total value locked in Morpho soared to a record high of $7 billion, up from $2.5 billion in April this year. 

Most of Morpho’s growth accelerated after its integration on Coinbase, the biggest crypto exchange in the US. Its integration gave it access to millions of users, a trend that may continue after the launch of The Base App. 

Morpho offers a platform where users can deposit their funds and earn a return. It differs from other platforms in that users can select their preferred pools to deposit their funds. Users can also use their crypto assets as collateral for loans. 

Morpho is one of the several players that are disrupting the crypto lending industry, which has accumulated over $100 billion in deposits. The others are popular names like AAVE and Maple Finance.

Morpho price technical analysis

Morpho price chart | Source: crypto.news

The daily chart shows that the Morpho token price has rebounded in the past few weeks. It jumped from a low of $0.8186 in April to nearly $3 today.

Morpho has crossed the important resistance level at $2.2570, where it formed a double-top chart pattern with a neckline of $1.5700, its lowest point on Aug. 2. 

Morpho price has moved above the 50-day Exponential Moving Average, a sign that bulls are in control. The Supertrend indicator has turned green, while oscillators are rising.

Therefore, the Morpho token price will likely continue rising as bulls target the year-to-date high of $4.1715, which is 60% above the current level.

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.



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XRP holds $2.80 support as bullish retest signals potential new highs
GameFi Guides

XRP holds $2.80 support as bullish retest signals potential new highs

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XRP has retraced into the $2.80 support zone, a level reinforced by the 50-day moving average and value area high. Strong bullish volume suggests the current retest could pave the way for another push toward record highs.

Summary

  • $2.80 support aligns with 50-day MA and value area high.
  • Current bounce indicates a bullish retest of structural support.
  • Above-average bullish volume confirms demand, supporting potential breakout to new highs.

The significance of $2.80 cannot be understated for Ripple (XRP). Not only is it a high-time frame support, but it also represents a zone of heavy traded volume. This overlap of structural support and value area positioning makes the level a prime candidate for accumulation.

Key technical points:

  • $2.80 High-Time Frame Support: Reinforced by the 50-day moving average and the value area high.
  • Bullish Retest in Play: Current price action shows resilience, maintaining higher highs and higher lows.
  • Volume Confirmation: Above-average bullish volume signals strong demand and market interest.

XRPUSDT (1D) Chart, Source: TradingView

From a structural perspective, XRP continues to maintain its bullish trajectory. Since reclaiming the point of control earlier this year, the token has enjoyed a series of higher highs and higher lows, a textbook indicator of bullish momentum. The present bounce off $2.80 highlights that the broader trend remains intact despite short-term corrections.

The role of volume at this stage is particularly important. Healthy bullish volume has been observed as price consolidates above the $2.80 mark, indicating that buyers are active and committed at this level. Sustained volume inflows suggest that the correction was less about a breakdown in market structure and more about a technical retest of support. This makes the bounce even more convincing for traders watching closely.

It is worth noting that XRP does not need to immediately break higher from current levels to remain bullish. A period of consolidation above $2.80 would allow the market to establish a firmer base and potentially trap weak sellers before moving higher. Such sideways action is common in bullish markets and often precedes the next impulsive leg.

What to expect in the coming price action

As long as XRP continues to hold above $2.80 with multiple daily closes, the structure remains bullish. Sustained volume and market demand increase the probability of continuation, with a move beyond the swing high likely to open the door for new all-time highs. The current retest is a critical juncture, if buyers maintain control, XRP could soon enter its next phase of bullish expansion.



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