- The Flow blockchain coin reaches a fresh low of below $0.90.
- NFT trading volume on the Flow network dropped from $39 million to around $7.7 million.
- Ethereum and Solana have lost significant traction since early this year.
The Flow became increasingly popular in early 2021 when NBA Top Shot spearheaded the mainstreaming of NFTs. However, the blockchain’s native token has now struck a fresh all-time low after a dramatic fall in trading volumes on the platform and recent cuts from founder Dapper Labs.
NBA Big Hit was at its peak in early 2021, when the site was overloaded with users as NFTs gained traction beyond the crypto community. Top Shot had $224 million in trading activity in February 2021 and almost as much later in the month, but prices fell as the early NFT buzz faded.
As per CoinGecko statistics, Flow, the network’s namesake native cryptocurrency, plummeted to $0.89 early this morning, a new low. Although it has rebounded beyond $0.90, flow is still down 6% daily, almost 14% in the last week, and nearly 26% in the last 30 days.
Ultimately, the value of Flow dropped 98% from its high of around $42 per coin in April 2021, just as the original NBA Top Shot hype cycle began to wane. From all-time highs, Bitcoin and Ethereum have fallen over 75%.
According to DappRadar analytics, NFT trade volume on the Flow network decreased from roughly $39 million in September to about $15.6 million in October and dropped to approximately $7.7 million in November. Since the beginning of December, trading has been lower than the previous month.
While Flow’s NFT activity has decreased more severely in recent months than other prominent networks like Ethereum and Solana, the larger NFT market has lost substantial impetus since earlier this year. According to DappRadar statistics, the market produced $5.36 billion in organic NFT trading volume in January, but just $643 million in November.