🦊 Veve Monthly Market Pulse 📈
May 2024
Hey VeveFam! 👋
Here is the May’24 Monthly Market Pulse, your quick briefing on the Veve ecosystem.
⚠️ Important Note: I excluded data from the 12th of April as the numbers were highly inflated due of the OMI Rewards Season One airdrop (see April Market Pulse), in order to make the month over month comparison more accurate.
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👥 Active Users
In May we saw a boost in new active wallets (+83%), probably due to the Black Pink Drop, but an overall decline in monthly active wallets, down to 12.4k which is the lowest this year so far.
🔄 Market Activity
Overall trading activity was slightly up compared to previous month despite fewer traders (decline in unique buyers as well as sellers). Noteworthy is the increase in buyer-seller ratio, a ratio >1 means that there where more buyers than sellers, which wasn’t the case since December 2023.
💎 Veve Store
Declining drop participation: May featured 27 drops, 11 more than in April, which also came with a significant increase in tokens issued. However, the number of unique minters dropped significantly (-12%). The big gap between tokens minted and tokens issued suggests a low appeal of this month's drops and reduced drop participation.
🛍️ Net Accumulation
Reduced net accumulation: Average net accumulation per wallet dropped significantly compared to previous month signifying fewer purchases per wallet. On a positive note though we saw a decline in NetZero and NetNegative Accumulators and an increase in NetPositive accumulators.
💙 Engagement
The Churn Rate remained stable compared to previous month.
That's it for this Month Roundup!
Stay tuned for further updates and insights as we navigate the ever-changing world of Veve! Until next time, happy collecting! 💎
— Kelly aka. VeveFox 🦊
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Note: I am not associated with Veve. I'm just a fox who is passionate about Data and Veve, and I'm excited to share my insights with all of you.
Disclaimer: Nothing in this or any other VeveFox Insider publication should be considered as financial or investment advice. Always exercise caution within the NFT space.