Azuki NFT saw a rise in its floor price, making it see a rise in market capitalization. According to CoinGecko data, after its floor price jumped by 17.9% in the last day, surpassing Mutant Ape, Azuki has surpassed major opponents in the market.
The data also suggests that Azuki NFT collection leaped to 5th position by market capitalization after seeing the surge in floor price.
The surge coincides with the popularity of Azuki that has been growing to new heights amid investor traction.
Why Is Azuki Gaining Popularity?
The NFT market has seen a skyrocketing popularity for the Azuki token given that the ecosystem has been advancing steadily. Just previously, as part of its plan to increase its presence in the anime industry, Chiru Labs, the company behind the Azuki non-fungible token (NFT) collection, had purchased the domain Anime.com.
This action was interpreted as an attempt to increase the online presence of the ecosystem and strengthen their ties to the anime community. It is anticipated that Chiru Labs will have more chances to interact with fans and investigate cutting-edge digital experiences as a result of the acquisition of Anime.com.
AZUKI Token Doesn’t Reciprocate Rise: What is Happening?
Despite the popularity of the NFT, AZUKI crypto token has not traded in the green territory, being down over 2%.
According to the current technical indicators, the Fear & Greed Index is currently at 78 (Extreme Greed), and the sentiment is bearish.
Over the previous 30 days, Azuki saw 15 out of 30 (50%) green days and 13.71% price volatility. However, the market has seen a general bearish sentiment regarding the price of Azuki, with seven technical analysis indicators indicating bullish signals and twenty-two indicating bearish signals.
Why is AZUKI NFT Gaining Popularity?
The digital brand Azuki is primarily known for its 10,000 avatar collection, which was made public on January 12, 2022, by a group of artists based in Los Angeles.
The distinctive features of these avatars, which are based on drawings with an anime theme, have drawn interest from NFT fans worldwide.
As a member of The Garden, the owner of an Azuki gains access to live events, streetwear collaborations, exclusive NFT drops, and more.
In addition to their anime-like appearance, Azuki NFTs have gained a lot of attention in the cryptocurrency community because, not long after their release, they surpassed some of the most well-known brands in the NFT market in terms of sales volume.
Only a few months after their launch, Azukies has already amassed a sizable fan base. Among other well-known collections like CryptoPunks and Bored Ape Yacht Club, the collection is regarded as a blue chip in the NFT community.