The cryptocurrency market faced a mixed day as blue-chip non-fungible token (NFT) collections suffered steep losses while crypto exchange Gemini briefly overtook Coinbase in the US App Store rankings. At the same time, global regulators and exchanges stepped up pressure on the rise of tokenised stocks, warning of investor risks.
Blue-Chip NFTs Hit by ETH Correction
Top NFT projects recorded double-digit declines over the past week as Ether (ETH) retreated from record highs. Data from DeFiLlama revealed that leading collections such as Pudgy Penguins, Bored Ape Yacht Club (BAYC) and Doodles faced some of the sharpest falls.
Pudgy Penguins, which led trading volume across 24 hours and seven days, dropped 17.3% to a floor price of 10.32 ETH (about $4,518). BAYC fell 14.7% to 9.59 ETH, while Doodles plunged 18.9% to just 0.73 ETH. Other major projects, including Moonbirds and Lil Pudgys, lost 10.5% and 14.6% respectively.
The downturn coincided with ETH sliding after reaching a new all-time high of $4,946 on Monday. The token dropped 12% to $4,342 on Tuesday before recovering slightly to trade at $4,433 at the time of writing.
Gemini Tops Coinbase in App Store Rankings
Gemini, founded by Cameron and Tyler Winklevoss, climbed past Coinbase in Apple’s US App Store after unveiling an XRP rewards credit card in partnership with Ripple Labs and Mastercard.
The exchange promoted its limited-edition metal card, offering up to 4% cashback in XRP with instant rewards. According to Sensor Tower data, Gemini rose to 16th place in the finance category rankings, overtaking Coinbase which slipped to 20th.
Tyler Winklevoss hailed the development as a sign that “the flippening is accelerating.” The shift is notable given Coinbase processes more than three times the daily trading volume of Gemini, according to recent Messari data.
Global Pushback on Tokenised Stocks
Industry groups and regulators are taking a stronger stance against tokenised securities. Reuters reported that the European Securities and Markets Authority (ESMA), the International Organization of Securities Commissions (IOSCO) and the World Federation of Exchanges (WFE) have jointly urged the US Securities and Exchange Commission’s (SEC) Crypto Task Force to impose tighter oversight on these products.
The organisations argue that tokenised stocks mimic equities but fail to offer the same investor protections. The WFE said it was “alarmed at the plethora of brokers and crypto-trading platforms offering or intending to offer so-called tokenised US stocks” and warned investors could be misled into believing they were equivalent to traditional shares.
Given the influence of the signatories, the call carries considerable weight. ESMA is a key financial supervisory authority within the European Union, IOSCO sets international securities standards, and the WFE represents exchanges and clearing houses worldwide.
Institutional Interest in Solana
Meanwhile, Galaxy Digital, Multicoin Capital and Jump Crypto are reportedly working to raise a $1 billion fund dedicated to acquiring Solana. The move underlines continued institutional interest in blockchain ecosystems despite the wider market turbulence.
Outlook
The day highlighted the contrasting forces shaping the digital asset sector. While NFT markets face pressure from falling Ether prices, exchanges such as Gemini are pushing into mainstream adoption with innovative financial products. At the same time, global regulators are becoming more assertive in addressing perceived gaps in investor protections within tokenised markets.
