NFT platform SuperRare (RARE) is quietly outperforming the rest of the crypto market, up more than 20% on the last day alone. These impressive gains come as Ethereum (ETH) slides a further 8% daily, taking it below $2,000 for the first time since November 2023.
Per CoinGecko, RARE is trading for around $0.12 and has a market cap of $98 million. The surge in price has caused a spike in trading volume; in the last 24 hours, RARE has processed over $800 million in volume.
SuperRare (RARE) Outperforming The Marke,t Giving Hope To Lagging NFT Sector
The performance of RARE in the past 30 days indicates a growing activity in the NFT space and a boost to digital art platforms like SuperRare.
RARE has been tearing up while Bitcoin (BTC) and Ethereum (ETH) continue to tank, hitting $80,000 and $1,900, respectively. CoinGecko data shows it has risen by 67% in the past 30 days, 140% in the past 7 days, and nearly 25% in the last 24 hours.
This impressive price action from RARE still drops into the ocean when zooming out. For RARE to return to its all-time high in 2021, it would have to increase a further 20-30x from here. If the NFT space recovers, RARE is perfectly placed as a blue-chip investment within the sector.
Market investors are seemingly exhausted with tokens due to continued underperformance in what is supposed to be a bull market. This exhaustion could be part of the reason that there is renewed attention on projects related to digital art.
With the SuperRare platform seeing an uptick in activity, it is no surprise that its governance token, RARE, has spiked in price. Holders of RARE are effectively stakeholders within that SuperRare platform, essentially it is like owning a stake in a physical art gallery.
As SuperRare operates as a decentralized autonomous organization (DAO), RARE holders have an active say in the platform’s future. According to its website, “token holders will have the opportunity to guide the evolution of these necessary developments in a transparent, democratized manner.”
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Why Is RARE Pumping? Bullish Catalysts On The Horizon
Aside from a general shift toward the NFT sector, SuperRare has a few reasons why its token outperforms most of the market.
In less than a month, on April 3rd, SuperRare will inaugurate its own art gallery in New York City. It made the announcement during its live event in Paris at the end of February.
SuperRare also recently introduced ‘Daily Rare’, a daily auction on its platform highlighting a unique digital art every day at 12:00 PM ET.
The Daily Rare initiative has been a huge hit thus far. It offers a daily auction for unique digital artwork selected from the best 1/1 creations. The auction starts every day at 12:00 PM ET, providing collectors with the opportunity to acquire exclusive works.
Innovation doesn’t stop here for SuperRare. To meet the growing demands of fervent collectors, SuperRare will soon offer a private sales service and art consultancy.
These services will offer personalized assistance in selecting and acquiring digital art pieces, facilitating private transactions and providing expert consultations.
With the introduction of the Daily Rare daily auctions, the expansion into physical galleries, and the upcoming offering of personalized services, SuperRare continues to lead the way in the NFT space.
BONUS: Mind Of Pepe (MIND) Surpasses $7.2m In Presale Funding: Could MIND Be The Saviour Of The AI Sector?
The AI sector is seemingly biding its time before it bounces back with a pop. While there are some doomers calling the AI space dead, there is no way that blue-chip AI projects won’t explode once market sentiment turns bullish again.
What is more likely is that the AI space has grown stale, with many cut-and-paste projects that lack true innovation. This is where Mind Of Pepe (MIND) enters the chat. This hot new AI agent is taking the market by storm and has been experiencing healthy daily funding even amid a bloody crypto market.
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Explore: Is Bitcoin Preparing For Another Dip, This Time To $70,000? This Whale Is Heavily Short
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SuperRare (RARE) Has Pumped 20% Over The Last 24 Hours
- RARE continues to surge while the wider crypto market bleeds
- SuperRare uptick in activity showing signs of life for the NFT sector
- Addition of physical New York gallery plus upcoming private sales and art consultancy services reasons behind RARE price action
- Mind Of Pepe (MIND) hits $7.2m in presale funding as investors seek blue-chip AI projects during this bloody market
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