Looking for similarities in NFT "Blue Chips" data

Assets covered: Chiliz (CHZ), Decentraland (MANA), Enjin (ENJ)

Metrics used: Active Addresses, Network Growth, Trading Volume, Whale Transactions Count, Holders Distribution

Charts Layout: https://app.santiment.net/charts/nft-blue-chips-overview-july-2021-6268

The NFT market segment is on fire lately:

Source: Sanbase

Three biggest ERC20 NFT "Blue Chips" are Chiliz, Decentraland and Enjin.

Are they moving together? Do they have some similarities in data trends? Let's have a look at their last month on charts.

1. Price

Source: Sanbase

CHZ, MANA and ENJ prices seem to be moving together. From +35% from the bottom in CHZ to +70% in MANA.

2. Active Addresses

Source: Sanbase

All three tokens have gained some traction in terms of active addresses. An interesting point here is a strong spike in the middle, on June 30th. It's related to UFC token release on Chiliz, not sure about two other coins. And another CHZ spike on the right. No doubt Chiliz is leading in onchain address activity, jumping +170% while two others gaining on average +30%.

3. Network Growth

Source: Sanbase

Similar picture here, CHZ having a couple of strong new addresses spike, while overall all three tokens not gaining much last month.

4. Classic trading volume

Source: Sanbase

Two opposite trends here: CHZ volume is declining, while MANA and ENJ almost doubled in reported volume on exchanges.

5. Whale Transactions Count

Source: Sanbase

A few of observations here:

  1. 1) There were much more active whales in CHZ than in MANA and ENJ. Some days even 10x more.
  2. 2) CHZ whales activity seems to be declining.
  3. 3) MANA and ENJ whales becoming a little bit more active.

6. Holders Distribution (whales trends)

CHZ whales holding from 1M to 10M tokens are accumulating
Same in MANA, whales holding from 1M to 10M tokens are accumulating
And same in ENJ, whales holding from 1M to 10M tokens are accumulating

Wrapping up

NFT "blue chips" are gaining traction last month.

Worrying signs:

  • Network growth almost standing still while price surging
  • Declining CHZ trading volume

Good signs:

  • Whales seem to be accumulating
  • Onchain activity growing along with price

All charts from this post: https://app.santiment.net/charts/nft-blue-chips-overview-july-2021-6268

Disclaimer: The opinions expressed in the post are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific security or investment product.

Thanks for reading!

If you enjoyed this insight please leave a like, join discussion in the comments and share it with your friends!


Conversations (0)

No comments yet
Be the first to comment