According to DappRadar, Dogecoin (DOGE) was the best-performing token of the month, rising 50% in value over the course of the month and citing Elon Musk’s Twitter takeover and a future roadmap for Dogechain as the drivers. The account also saw a rise in the average number of unique active wallets, which rose by 6.84% from the previous month. Lido’s inclusion in Arbitrum and Optimism, and the Near Foundation’s partnership with Google Cloud were seen as the catalysts for this rise by DappRadar.
Despite a drop in NFT trading volumes and sales counts across October, DappRadar found that monthly unique traders increased.
According to DappRadar, an analytics firm, nonfungible token (NFT) trading volume and sales dropped in October, but an 18% increase in monthly unique NFT traders shows the market is still “in great demand.”
On November 3, DappRadar reported that the number of unique NFT traders in October wasalmost 1.1 million, an increase of 18% from September, when about 950,000 unique NFT traders were active.
Despite a 30% drop in trading volume to $662 million in October, the firm said sales count dropped by 30% to 6.13 million, adding:
NFTs had a busy month.
Magic Eden and LooksRare, both based in Solana, are shifting to an optional royalty model for NFTs.
The dominance of Yuga Labs in the NFT market was also noted in the report, with seven of the top ten sales being made up of CryptoPunk and Bored Ape Yacht Club.
A single CryptoPunk924 was sold for 475 Ether, the highest amount.
The Ethereum platform and ETH tokens are used to build decentralised applications.
$1,651 is a lot of money.
As of writing, the $731,435 worth of Ethereum NFT trades took place on Oct. 27. In the last month, Ethereum NFT trading volume fell 21% to $324 million, the lowest volume recorded by DappRadar since June 2021.
Polygon’s NFT trading volume has surged 770% over the last month, according to DappRadar, whose data indicates that the Reddit NFT collections have been the main driver behind the success.
Dune analytics data suggests that the collection had a sales volume of $10.1 million in October, based on 2.8 million wallets that contained 2.9 million Reddit avatars that were minted in July.
Meta has announced on Nov. 2 that Polygon will be the first partner for its upcoming NFT tools for layer-2 solutions. It is my opinion that trading volume will continue to rise over the next month for layer-2 solutions.
Dogecoin was also mentioned in the report.
Dogecoin is a cryptocurrency.
According to DappRadar’s data, Dogetoshi (DOGE) was the best-performing token of the month, finishing up 50% higher than it began and citing Elon Musk’s Twitter takeover and Dogechain’s future roadmap as the catalysts. Increased usage was also seen in the average number of unique active wallets, which increased by 6.84% from the previous month. Lido, Arbitrum, and Optimism all included staking provider Lido, as well as a partnership between the Near Foundation and Google Cloud, were identified as the catalysts for this development.