The Ethereum NFT market saw a remarkable surge last week, with trading volume reaching a 3-month high of $186 million, a 67% increase from the previous week’s volume of $111 million.

Pudgy Penguins and the Impact of the Token Launch$PENGU


The main reason for this increase is the Pudgy Penguins collection$PENGU ken was launched. The collection attracted attention by generating $ 108 million in trading volume. Before the launch, NFTs were trading above 29 ETH, but a sharp drop in prices was observed after the token distribution.

The token distribution was not limited to Pudgy Penguins NFT owners only, but also targeted a wider user base, with different wallet owners on the Ethereum and Solana networks being selected based on eligibility criteria to benefit from the tokens. In this way, the launch attracted wider participation, encompassing not only existing collectors, but also investors and community members across both major ecosystems.


PEN$PENGU The speculative interest generated by the launch has also affected other popular NFT collectibles, with the Azuki and Doodles collections attracting attention with $23 million and $17 million in transaction volume, respectively.

Ethereum continues to be the dominant platform for high-value NFT trading and new market developments. Bitcoin, despite being the second largest ecosystem in the NFT space, only fell behind Ethereum with $33 million in trading volume last week. This suggests that Ethereum remains the most preferred network for NFT trading volume.