NFT and memecoin markets recover after month-long crypto slump

NFTs posted selective gains led by blue chips, while memecoins rallied broadly across major names in a sentiment-driven rebound.

The non-fungible token (NFT) and memecoin markets experienced modest rebounds over the past week, coinciding with a broader improvement in risk sentiment across the cryptocurrency space. 

On Tuesday, CoinGecko data shows the global NFT market capitalization recovered from roughly $3.5 billion on Nov. 5 to $3.9 billion at the time of writing, a nearly 12% increase in almost a week.

The story was similar for memecoins. CoinMarketCap data shows the combined valuation of memecoins expanded from $47 billion to $52 billion, representing a roughly 11% increase over the same time period. 

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