StonkBrokers $NFT on Robinhood Chain surged by more than 368% in the past month, two weeks after launch. In the past 24 hours, the price of the $NFT collection has increased by 13.7%, trading at around $12.42K.
Robinhood Chain has been the most used Ethereum [ETH] layer 2 (L2) since making its debut. Will the momentum in the chain be enough to sustain the $NFT’s early traction?
StonkBrokers $NFT hits peak floor price in a month
StonkBrokers $NFT launched at around $50 but is now trading above $12.6K, making it the sixth largest $NFT by market cap. It is only a few thousand from equaling the floor price of BoredApeYachtClub [BAYC] at $15K.
The StonkBrokers collection has a supply of 4,444 NFTs, where the floor price tripled in about a week. The daily average sale price went up about 24.5% with unique owners at 567, around 12.76% of total holders.
This move reflected renewed interest in a few high-value $NFT collections, even as the broader $NFT market remains well below its 2021 highs.
Source: CoinGecko
Even as momentum continues to rise, past $NFT launches have shown that early traction does not always lead to lasting demand. This surge was an indication only premium NFTs were making a comeback.
The surge in the $NFT collection was amidst a memecoin ecosystem that had a market cap of over $150 million. The market cap of memecoins on Robinhood Chain is declining, while that of StonkBrokers NFTs is rising, indicating liquidity is shifting.
Is Robinhood Chain’s momentum sustainable?
Looking at the chain’s momentum, it appears to have massive capital inflows and outflows.
The $NFT is a humorous slang term for stocks on Robinhood, and it emulates them. That way, tokenized stocks on the chain surged by 140.5%, reaching a market cap of $26.6 million.
Additionally, the number of weekly transactions increased to 64 million from 57.6 million, with more than 9 million transactions occurring each day.
Source: Token Terminal
Monthly active users increased by 3,065% to more than 2.8 million, indicating there was enough user base to trade the chain’s products.
Moreover, this user base would increase as Robinhood secured UK crypto registration. The company’s UK entity was added to the FCA’s cryptoasset register on July 31. This allowed it to provide certain crypto services under new anti-money laundering regulations.
Final Summary
- StonkBrokers $NFT on Robinhood Chain surges from a floor price of $50 to $12.6K in just 16 days.
- Robinhood Chain continues to show great momentum, which could keep the $NFT surging, but that is not certain, gauging from previous launches.