Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors

In the NFT bear market, the Pudgy Penguins collection grew 400%

The fact that Pudgy Penguins did well during a bear market may be a sign that the collection could be a blue chip.
Statistics from Opensea show that the NFT collection has grown by almost 400% in the last 24 hours.
The NFT collection from Pudgy Penguins has had a lot of ups and downs since it came out in June 2021. In January 2022, the people in charge of the NFT project fired its founders for allegedly not meeting goals and spending most of the treasury cash. In April of this year, @LucaNetz, an entrepreneur from Los Angeles who owns Pudgy Penguin, bought the brand for a whopping 750 ETH, which is about $2.5M. Since then, the base price of the collection has stayed the same.

Dune Analytics says that the NFT market as a whole is at its lowest level ever, and that Opensea has the lowest trading volume over the last year.

The NFT collection of Pudgy Penguins seems to bring in the most money and be the strongest on the market right now. According to data from Opensea and Nansen, the collection traded more than 851 ETH in the last 24 hours. It was the second most popular collection, after the Bored Ape Yacht Club Collection.

The collection reached its all-time high average price of 3.58 ETH on August 21. According to Opensea, the average price is now higher than its previous all-time high of 4.0733, while other collections are 80% or 90% below their all-time highs.

The recent announcement on Pudgy’s social media account about the “I am Penguin” outfit and the launch of the Pudgy Toy, where certain Pudgy NFTs will be turned into collectible toys, may be to blame for the rise in volume.

Several crypto influencers and Pudgy owners with huge followings, like @CryptoKaleo with the thread below, also helped make the collection popular.

About Nicolle

She is an Indian Freelance writer. She loves thinking, learning, and writing about all things Web3.

Latest NFT News, Trendings and Tutorials, right in your inbox, every Monday

IMPORTANT DISCLAIMER: All content provided here in our website, hyperlinked sites, social media accounts and other platforms are for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them.

Recommended Posts

Leave a Reply

Your email address will not be published. Required fields are marked *