Bitcoin NodeMonkes NFT collection sees massive spike in demand by whales
- 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.
HELLO. This wallet just swept 6 Alien NodeMonkes for 53.45 BITCOIN (3.35M United States Dollars). pic.twitter.com/G6xSbgeWkd
— DGMD (@DGMD22) March 3, 2024
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 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.
AUCTION: Gavin The Gavel Monke, 10 am ET via @sothebys. No reserve. Duration 10 days. Gavin honors the Sothebys auction house and its contribution to the on-chain art movement. We will donate our proceeds of sale to a tree planting charity in honor of Gavin's mahogany comrades. pic.twitter.com/f45zyx1Uz4
— NodeMonkes ◉ (@nodemonkes) January 12, 2024
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.
After missing CryptoPunks, it was everyone's second chance at accumulating the second most valuable 10K PFP ever created
— WR☻NGUSER ✗ (@wronguser000) February 24, 2024
I would even argue that eventually in a few years time, Monkes can flip Punks
Underestimating the mother chain? Definitely couldn't be frog pic.twitter.com/wPv2g8YKRc
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.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
