March 27, 2024
NodeMonkes NFT Commands $1 Million Price Tag as BTC Eyes $69K

NodeMonkes NFT Commands $1 Million Price Tag as BTC Eyes $69K

In a whirlwind of trading activity on the Bitcoin blockchain, digital pictures of pixelated comic monkeys have emerged as the most sought-after collection in the past 24 hours, riding on the coattails of a relentless Bitcoin (BTC) rally.

Dubbed NodeMonkes, this unique collection has surged past $11 million in sales volumes, according to data from Cryptoslam, reaching an all-time high on Monday. With its inception in December 2023 at an initial listing price of nearly $9,000, NodeMonkes has swiftly captured the attention of cryptocurrency enthusiasts and investors alike.

What sets NodeMonkes apart is its integration with Ordinals, a pioneering platform that allows the inscription of text, data, and art on individual fragments of Bitcoin. Boasting the distinction of being the first 10,000-count profile picture collection on Ordinals, NodeMonkes established its roots in February of the previous year, preceding other early collections like Bitcoin Frogs and Space Pepes. This chronological precedence bestows upon NodeMonkes an air of exclusivity and rarity, a coveted attribute among discerning investors.

The staggering success of NodeMonkes is underscored by jaw-dropping individual sales, with one particular “monke” fetching over $1 million worth of Bitcoin earlier on Monday. The floor price, indicative of the minimum value of a specific piece, stands at a substantial $52,000. At the same time, owners of particularly rare monkes have boldly set listing prices soaring as high as $65 million.

Notably, the past 24 hours have witnessed a remarkable shift in trading dynamics, with Bitcoin-based collections dominating trading volumes, surpassing the typically leading Ethereum by a significant margin. Recording a staggering $35 million in trading volumes, this surge in demand for Bitcoin-based assets reflects a burgeoning interest in the fusion of cryptocurrency and digital art.

Commenting on the burgeoning activity within the Ordinals ecosystem, Mark Wilson, a meme coin project Dogelon Mars representative, remarked, “Ordinal inscriptions have been heating up immensely and should be a major focal point of March.” Wilson further highlighted the anticipation surrounding the upcoming Runes protocol, as April and the halving approach, signalling sustained momentum in the space.

In tandem with the meteoric rise of NodeMonkes, Bitcoin has notched significant gains, crossing the $65,000 mark earlier on Monday, registering an impressive 5.4% surge in the past 24 hours. The broader cryptocurrency market, as measured by the CD20 index, mirrored this bullish sentiment, jumping nearly 5.8%.

As the fervour surrounding NodeMonkes and Ordinals continues to captivate the crypto community, all eyes remain firmly fixed on the intersection of digital art and blockchain technology, heralding a new era of innovation and investment opportunities in the ever-evolving world of cryptocurrencies.


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