Enis Can Ceyhan | Unsplash
For a while it was thought that the NFTs were going through a period of decline. That their moment of glory as we remembered it was over. However, one user has generated an effect of interest on the main collections of the NFTs market.
As expected, it usually happens that certain tokens from other blockchain correspond their movement with NFTs collections. The case that strikes us is the performance of PENGU (Solana), which has managed in the 24 hours to rise 21.7% (310% in the last 30 days), with a large volume of $12.06 million, and a market cap exceeding $2.4 billion. This ranks PENGU 59th, within the top 100 major cryptocurrencies. Something that is incredible to achieve in such a short time with respect to projects that have had a prolonged development.
PENGU (Solana) | CoinGecko -> GeckoTerminal
The momentum that Pengu has had has also carried over to its collection on Ethereum, under the name Pudgi Penguins. The collection now has a floor price of approximately 16.4 ETH, which at current prices we're talking about about $63.1K dollars (just two weeks ago, the floor price was $50.4K dollars). On the other hand, we have seen a jump in trading volume (let's keep in mind that volume implies purchases and sales in a time span, but reflects how much activity there is in that collection), which is expressed in about $1.2B total dollars. When considering the high value of each piece, the number of holders does not exceed 5,000 wallets.
OpenSea | Pudgy Penguins collection (Ethereum)
Knowing that on the blockchain, every movement is recorded, observers have noticed a substantial purchase of several NFTs. In this case, a user decided to make a wholesale purchase, acquiring 45 CryptoPunks, valued at a total investment exceeding $10 million (it's worth noting that a single NFT has a floor price of 47.75 ETH or $183.4K, which is truly shocking). Following this purchase, the base price of the collection was seen to have risen 16.5% on the same day.
It didn't take long for astonishment to sweep across social media and inspire excitement among other users. Memeland's CCO, under the pseudonym Punk9059, shared a message on X in which he expressed surprise at someone who had purchased a large number of NFTs from a collection in one go. This immediately went viral, followed by renewed interest from users. This interest also affected Pudgy Penguins, as we mentioned earlier.
Post of punk9059 on X
Other collections have also been seen fighting for prominence. One collection that has risen 23.2% is Bored Ape Yatch Club, with each NFT valued at 13,088 ETH, or the equivalent of about $50.3K USD. This collection is much more in-demand than the previous one, as evidenced by a total volume of $3.6B USD and 5,512 unique owners.
As we've seen, NFT collections are having a good time lately. However, we still don't know for sure the dynamics that influence one collection's success over others, or whether the overall NFT market experiences such high volume that their prices reach new highs. What's also striking is their correlation with cryptocurrencies. Will new NFT collections decide to take the plunge into the cryptocurrency market and create their own token? If all goes well, we could be talking about a new Pengu; a brand that has known how to stand out from the rest.
- Main image edited in Canva.
- Information consulted on decrypt.co.
- Translated into English with DeepL.