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Vignesh S G
Vignesh S G
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- Dec 06, 2024 06:23 UTC
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Pudgy Penguins NFT Explodes as NFT Sales Surge 37%
The NFT market has seen a recent surge, with Pudgy Penguins and Mutant Ape Yacht Club leading the way in performance.
The rise of Pudgy Penguins is attributed to strategic acquisitions and expansion into NFT gaming.
While the current market surge is promising, it's important to note that the overall trading volume is lower.
Until last week, the NFT community had been struggling with uncertainty. While the crypto market experienced explosive growth since the U.S. presidential election on November 5, NFTs seemed to be lagging behind. But a surprising post from OpenSea—saying “NFTs are back”—sparked a glimmer of hope. Is the market truly turning around?
With collections like Pudgy Penguins showing remarkable gains, it’s clear that the NFT space might be on the verge of something bigger. Keep reading to find out which collections are leading the way.
NFT Market Sees Boost
In the last 24 hours, the NFT market has experienced a 2.0% increase in market cap and a 37.2% rise in trading volume, signaling a positive trend. Over the past week, nearly all top NFT collections have performed well. However, Pudgy Penguins stands out with a 34.3% increase. The Ethereum-based collection is now valued at $67,621 (17.35 ETH), making it one of the top performers.
Ethereum-Based Collections Lead the Way
The top NFT collections by market cap—CryptoPunks, Bored Ape Yacht Club, Pudgy Penguins, Infinex Patrons, and Mutant Ape Yacht Club—are all based on Ethereum and have shown strong growth. Mutant Ape Yacht Club leads with a 57.5% increase over the past seven days, while Pudgy Penguins follows with a 34.3% rise. CryptoPunks and Bored Ape Yacht Club have posted more modest increases of 10.3% and 32.0%, respectively.
Pudgy Penguins has been particularly impressive, outperforming all other top NFT collections in the last 24 hours with a 15.7% increase.
The Revival Story of Pudgy Penguins
Pudgy Penguins, a brand known for content, merchandise, toys, and digital collectibles, has undergone a major transformation since being acquired by Luca Netz. Under his leadership, the brand expanded its retail presence, securing partnerships with major companies like Walmart and Target. It also entered the growing world of NFT gaming, diversifying its business further.
The company is now led by a team of experienced professionals, including Luca Netz, Lorenzo Melendez, Austin, Peter Lobanov, Jennifer McGlone, and Vedant.
Predictions for Pudgy Penguins
A few months ago, while speaking on a podcast, named WSH Podcast, Luca Netz asserted that the Pudgy Penguins price would reach at least 200 ETH before the end of this crypto bull cycle. This sounds a bit of an exaggeration, considering that, to achieve the target predicted by Netz, the collection must show at least 12x growth.
However, the current price of Pudgy Penguins is still 16.39% lower than its mid-February peak of 21.29 ETH, suggesting there is still room for growth.
NFT Trading Volume and Sales Overview
NFT sales volume has reached $194.7 million, marking a 36.94% rise over the past week, with a 50.66% jump in the last 24 hours. Top collections now account for over 40% of the total trading volume in the sector. Pudgy Penguins has seen massive growth, with its trading volume increasing by 274.08% in the last seven days, far outpacing CryptoPunks (150.47%).
Despite the positive figures, some remain cautious. The current surge in NFT activity is still small compared to the booming market of late 2021 and early 2022.
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As trading volumes soar and new records are set, the NFT space seems poised to reclaim its spotlight.
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