Prominent Ethereum NFT collection Pudge Penguins experienced a more than 40% price jump this week, reaching an all-time high of more than $62,000 late Wednesday amid a crypto rally that pushed Bitcoin above $100,000 for the first time. has been updated.
This collection of 8,888 Penguin NFT Profile Pictures (PFPs) holds an all-time record floor price of just over $57,000, previously set in February 2024, according to NFT Price Floor data. I did. Collection floor price refers to the lowest price for an asset to be sold on the secondary market.
Penguin's rapid price increase paralleled notable increases in the lowest prices of other top collections, with major collections such as Bored Ape Yacht Club and CryptoPunks increasing in price by 69% and 31%, respectively.
Pudgy Penguins has transformed from a failed project to a notable crypto-native IP under the leadership of Luca Netz, who acquired the project from its founder in 2022. Since then, Pudgy Penguins has entered major retailers such as Walmart and Target with a toy line, increasing sales. While gaining a large following on social media, they are also expanding into NFT games.
In July, on the WSH Podcast, Netz said he was “betting on himself” and suggested that Penguin would hit the 200 ETH floor price (more than $780,000 at current Ethereum prices) during this cycle.
For the Penguins to reach the Nets' goal, they would need to rise more than 12x from the current floor price of 15.82 ETH. For reference, Bored Ape Yacht Club peaked at a low price of approximately $429,000 (152 ETH) in April 2022, at the tail end of the original NFT bull market, but has since fallen to a low of approximately $83,500 (21.5 ETH). ) prices have fallen sharply. of this writing.
The rise in minimum prices for Pudgy Penguins and other top collections is pushing the overall NFT market cap to nearly $9 billion, according to CoinGecko.
NFT trading activity on the Ethereum blockchain is also on the rise, with trading volume more than doubling to more than $101 million last week, according to CryptoSlam data. Trading activity was mainly concentrated in major collections such as Pudgy Penguins, Bored Apes, and CryptoPunks, which together accounted for 40% of the weekly trading volume.
With increased activity and rising floor prices over the past week, it appears the early Bitcoin price boom didn't have much of an impact on NFT prices, especially among NFT community members on X (formerly known as Twitter). But the excitement grew.
Marketplace OpenSea posted last week that “NFTs are back.”
However, although sentiment has improved, most major collections remain well off their all-time highs, and overall trading volumes still pale in comparison to late 2021 and early 2022 levels. The market routinely generates more than $100 million in trading volume every day. According to Sealaunch data:
NFTs (non-fungible tokens) are assets that hold unique attributes and properties and cannot be exchanged for identical items, as is the case with Bitcoin, which is a fungible token.
Edited by Andrew Hayward
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