Pudgy Penguins, in an inspirational redemption story, hit a new all-time-high in ETH floor price today, standing at 7.3 ETH at this time of writing. In its weeks-long run, it has flipped blue-chip NFT collections CloneX and Doodles, and Moonbirds is in striking distance.
According to OpenSea’s analytics, the Pudgy Penguins 24-hour trading volume is second to only top NFT collection Bored Ape Yacht Club. In that 24-hour period, users have traded 667 ETH worth of “Pengus,” for a positive percentage change in trading volume of 89%. In total, there have been 83 sales of Pudgy Penguin NFTs in the past 24 hours.
In addition, Pudgy Penguins’ companion collection “Lil Pudgys” has spiked as well. In total, there have been 240 sales of Lil Pudgys in the past 24 hours, and the collection rests at a floor price of 0.58 ETH. Popular Twitter account NFTstatistics.eth remarked that even with the Pudgy Penguins pump, Lil Pudgys is pumping more.
The performance of both collections during this holiday period shows the remarkable turnaround for them since January 2022, when the holders of Pudgy Penguin collection NFTs voted to oust the founders for misappropriating funds from the NFT collection treasury. Since then, the new owner has made several changes, including signing a licensing deal to see Pengus turned into toys.
The fact that this is taking place in an NFT bear market is impressive as well. For months, NFT trading volume has remained much lower than during peak periods, and sentiment within NFT communities has seen a marked downturn as well.
NFT Projects Launch & Innovate During Bear Market
Despite the NFT bear market, NFT projects keep surprising. At Rarity Sniper, we have written countless stories in the past several months of new projects selling out and established NFT projects innovating. Here are three.
First, on December 23rd, blue-chip NFT collection Azuki decided to spread the holiday cheer. How did it do so? It gave holders of Azuki NFTs the option of dressing their avatars in holiday sweaters, Santa hats, and other Christmas wearables. It also added Christmas accessories like candy canes, bells, gifts, and snowmen for Azuki holders to choose from.
Next, a week ago, Scottie Pippen launched his debut NFT collection. The Chicago Bulls star’s NFTs sold out in a record-breaking 77 seconds, showing that there is still a high demand for NFTs depending on the source. The NFT collection celebrated Pippen’s career and love for sneakers, and it contained IRL prizes as well.
Lastly, also a week ago, the number of users on Polygon’s blockchain surged as a new collection dropped: the Trump Digital Trading Cards NFT set. Based on the former U.S. president, these NFTs made news for the number of people trading them and their humorous art, which included stock photos with watermarks.
The Pudgy Penguins pump is good news for the NFT space, which hasn’t seen as much price action from different collections in months. Here at Rarity Sniper, we’ll pay close attention for any further developments in the story.