Etiket: Nft Venusbet

PENGU, the native token of non-fungible token (NFT) project Pudgy Penguins, has debuted at a $312 million market cap after the token was distributed to NFT holders via an airdrop.

The Solana-based token has a total supply of 88.88 billion and has racked up around $90 million in trading volume in the first hour since release, CoinMarketCap shows.

23.5% of PENGU’s supply was allocated to the airdrop while a further 22% has been set aside from Solana and Ethereum communities. An additional 12.3% of supply will also be used as liquidity on decentralized exchanges.

The floor price of the Pudgy Penguin NFTs has risen alongside the release of PENGU, with the cheapest NFT now trading at 34.1 ETH ($136,000) to mark a 2.6% increase. It is now the second most expensive collection after CryptoPunks.

It has outperformed the wider NFT market which remains in a multi-year slump following the emergence of meme coins this cycle. NFTs were the plat du jour in 2022 amongst the more speculative crypto investors, but as hype and liquidity withered away so did asset prices. Trading volume on NFT exchange OpenSea topped $2.7 billion in a single day in 2022, whilst this month it has struggled to top $30 million.

The non-fungible token (NFT) market is showing signs of recovery, Galaxy Research said in a report Monday.

NFTs are digital assets on a blockchain that represent ownership of virtual or physical items and can be sold or traded.

NFT volumes had been declining for most of the year, but began to reverse in November following the U.S. elections and the ensuing crypto market rally.

Weekly NFT trading volumes exceeded $100 million in early November for the first time since May, reaching $172 million on Dec. 2, Galaxy said.

“This resurgence has been primarily driven by increased activity among the top 25 collections by market cap,” analyst Gabe Parker wrote, with increased participation across leading marketplaces such as OpenSea, Blur and Magic Eden.

Blur and OpenSea were responsible for 60% and 27% respectively of the total volume over the last 30 days, the report noted.

NFTs linked to the Pudgy Penguins ecosystem have outperformed. Pudgy Penguins and Lil Pudgys collections saw their floor prices rise 206% and 265% respectively, the report added.