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In Brief: NFT Market Resurgence Drives PENGU and Other Digital Asset Surge
An unknown user’s substantial purchase of 45 CryptoPunks sparked renewed interest in the NFT market this weekend, contributing to a notable increase in the value of the associated PENGU meme coin and a wave of strong performances across prominent NFT collections.
- PENGU, the Solana-based meme cryptocurrency linked to the Pudgy Penguins NFT collection, jumped 26.7% in the last 24 hours, surpassing a $2.4 billion market cap to become the 59th most valuable cryptocurrency.
- The floor price of Pudgy Penguins NFTs rose approximately 13.3%, while the associated PENGU token climbed nearly 26.7%.
- Following the high-profile CryptoPunks purchase (worth approximately $10 million), market cap gains of double digits were recorded for major NFT collections including Bored Ape Yacht Club (a ~23.2% increase), Moonbirds, Goblintown, CryptoDickbutts, Cool Cats, and Azuki.
On Sunday evening, an unknown entity swept up 45 CryptoPunks on OpenSea, leading to a ~16.5% increase in the collection’s floor price during the day. This move, reported widely on social media, reinvigorated crypto markets’ attention on traditional and newer NFT projects.
Pseudonymous analyst Punk9059 expressed surprise on X, noting: “$10,000,000 sweep in one go. What’s happening.”
Gainers and Context
The Bored Ape Yacht Club saw its NFT floor price climb 23.2% to around 13.5 ETH (~$51,410 at current rates). Concurrently, the PENGU token, a Solana offering by Igloo Inc. initially intended to reach a broader audience, briefly led all cryptocurrencies by 24-hour performance.
Other NFT projects have followed suit, launching meme coins as NFT interest waned. For example:
• CryptoPunks: Floor price climbed ~16.5% 24h, PENGU +26.7%
• Pudgy Penguins: Floor ~13.3% increase, PENGU ~26.7% increase
• Azuki: Floor increase +5.8%
• Bored Ape Yacht Club: Floor increase +23.2%
• Cool Cats: Floor increase +8.4%
• CryptoDickbutts: Floor increase +31.3%
• Goblintown: Floor increase +15.1%
• Moonbirds: Floor increase +10.2%
The DeGods collection (+16.8% floor) in September launched a Solana token whose price has fallen ~91% from its peak, though its membrane coin rose 7% reportedly. Rektguy, an Ethereum NFT project now diversifying into consumer products, saw its NFT floor price jump over 27%, while its alcohol-branded token climbed a much more modest 4.5%.
NFT floor price increases continued beyond Monday on secondary market platforms.
Disclosure
The following disclosures relate to specific market predictions mentioned in the article:
- Disclosures: Myriad is a prediction market developed by Decrypt’s parent company DASTAN.
- Disclosures: Ovie Faruq’s Canary Labs is an investor in DASTAN, the parent company of Rug Radio and Decrypt.
Myriad Markets, a blockchain prediction tool operational on Linea among other platforms, currently assesses a 64% likelihood that Bored Ape Yacht Club floor remains above 12.75 ETH by the end of Friday, reflecting ongoing market sentiment shifts.
