NFT Market Surges to $562M in Monthly Sales

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Table of Content

In today edition we talk about

• XRP Surpasses Solana to Become Fourth-Largest Cryptocurrency by Market Cap

• NFT Market Surges to $562M in Monthly Sales, Reaching Six-Month High

• Spectral Labs Pauses Contracts After Detecting Syntax Platform Vulnerability

XRP Surpasses Solana to Become Fourth-Largest Cryptocurrency by Market Cap

Ripple's XRP token has overtaken Solana (SOL) in market capitalization, reaching over $122 billion as of December 1, 2024, according to CoinMarketCap. This milestone places XRP as the fourth-largest cryptocurrency, with its price peaking at $2.19 — a seven-year high.

XRP's surge can be attributed to new Ripple Labs initiatives, including partnerships and the introduction of tokenized financial products, as well as heightened speculation around a potential XRP ETF and rumors of significant investments from Elon Musk.

November saw several developments for Ripple Labs, such as the filing of multiple XRP ETF applications by firms like 21Shares and WisdomTree, and the launch of a tokenized money market fund on the XRP Ledger in collaboration with Archax. Additionally, reports suggest Ripple's RLUSD stablecoin may soon receive regulatory approval in New York.

These advancements have fueled investor optimism, solidifying XRP's position as a major player in the cryptocurrency market.

NFT Market Surges to $562M in Monthly Sales, Reaching Six-Month High

NFT sales soared to $562 million in November, marking a 57.8% increase from October and the highest monthly volume since May, according to CryptoSlam. Despite this growth, sales remain below the March 2024 peak of $1.6 billion.

Prominent collections like CryptoPunks and Pudgy Penguins led the recovery. CryptoPunks saw a 392% rise in sales volume to $49 million, with its floor price climbing from 26.3 ETH to 39.7 ETH ($147,000). Pudgy Penguins also experienced a 262% monthly sales increase, reaching $16 million, with its floor price rising 49%.

Ethereum dominated NFT sales with $216 million, up 12%, while Bitcoin recorded the highest percentage growth among blockchains, with a 99.44% surge to $186 million. Other chains, including Solana and Polygon, contributed $162.9 million in sales collectively, highlighting a broad-based recovery in the NFT market.

Spectral Labs Pauses Contracts After Detecting Syntax Platform Vulnerability

Spectral Labs identified a vulnerability on its Syntax platform, which enables users to create onchain AI agents, leading to a $200,000 exploit. To prevent further losses, Spectral Labs has paused all contracts and disabled access to Syntax while addressing the issue.

The vulnerability stemmed from a flaw in the bonding curve, allowing the hacker to acquire tokens at a significantly reduced price. The company is collaborating with industry partners and conducting extensive testing to restore services securely.

Crypto hacks remain a persistent issue, with November 2024 losses reaching $71 million, according to Immunefi. Despite a 15% year-over-year decline in total crypto-related losses, incidents like the $25.5 million Thala exploit and the $30 million DEXX trading terminal hack underscore ongoing risks for investors.

Thala successfully recovered its stolen funds with law enforcement's assistance, highlighting the growing sophistication of response efforts in combating crypto crimes.

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