The most prominent Ethereum NFT collection Pudgy Penguins This week has seen the price of Bitcoin surge by more than 40%, reaching a record high of over $62,000. The crypto rally which pushed Bitcoin to $100,000 late on Wednesday triggered this increase.
The collection consists of 8888 images, including penguin PFPs. Previously, the floor price had been set at just over $57,000 According to NFT Price Flooring, the floor price of a collection is set at February 2024. The collection’s floor price is determined by the asset prices listed at the secondary markets.
Penguins have seen a rapid rise in price, along with a noticeable increase for the floor price of other collections. prices higher for major collections You can also like us on Facebook Bored Ape Yacht Club The following are some examples of how to get started: CryptoPunksThe corresponding increases in the indices of 69% and 31% are shown below.
Luca Netz acquired Pudgy Penguins from its founding founders and transformed it into a crypto-native project. Pudgy Penguins entered the retail giants Walmart, Target and other retailers with their toy line and gained a significant social media following. They also expanded into NFT gaming.
On the WSH podcast, Netz stated that he was going to be in July. “is betting on himself,” suggesting that Penguins would reach a 200 ETH floor price during this cycle—more than $780,000 at the current Ethereum price.
Penguins must increase more than twelve times from its floor price at 15.82 ETH to meet Netz’s goal. As a point of reference, Bored Ape Yacht Club reached its peak at a price floor of About $429,000 As of the time of writing, the price is about $83,500, or 21.5 ETH.
Pudgy Penguins, among other collections of top-selling items, has seen its price increase. Overall NFT Market Cap Near $9 BillionCoinGecko says that.
The trading volume of NFTs on the Ethereum Blockchain also grew, according to CryptoSlam. It has more than doubled in the past week and now exceeds $101 million. The trading activity was concentrated mainly on the largest collections, such as Pudgy Penguins and Bored Apes. The weekly volumes are 40%.
There has been an increase in activity, and prices have risen for NFTs on X.com (formerly Twitter) as well.
“NFTs are back,” OpenSea marketplace Postings Last week.
Even though the sentiment has improved, many major collections are still well below their previous highs. The overall trading volume is also far less than what it was in late 2021 or early 2022. Back in the day, daily trading volume was regularly over $100 million. Sealaunch has provided data on the subject.
NFTs, or non-fungible tokens, are assets that hold unique attributes and properties and cannot be exchanged for an identical item—as in the case of Bitcoin, a fungible token.
Andrew Hayward is the editor