Ethereum NFT volume hits $186 million weekly high, driven by PENGU token launch

Ethereum’s NFT market experienced a significant surge in trading volume last week, reaching $186 million, a three-month high. This represents a 67% increase from the previous week’s $111 million. This growth is largely attributed to the launch of the $PENGU token by the Pudgy Penguins collection, which alone generated $108 million in trading volume. Some individual Pudgy Penguins NFTs even traded for over 29 ETH, though there was a sharp decline in their prices following the token launch.

The token launch wasn’t limited to Pudgy Penguins holders; eligible wallets from both Ethereum and Solana ecosystems were included, which broadened its impact across the NFT market. This sparked speculative interest in other collections, with Azuki and Doodles seeing significant increases in trading activity—$23 million and $17 million in volume, respectively. This suggests a shift in market expectations, with traders anticipating future tokenization strategies from other major collections.

Despite the growth of NFT ecosystems on other chains like Bitcoin, which recorded only $33 million in weekly volume, Ethereum remains the dominant platform for NFT trading. The large gap in trading volumes indicates that Ethereum continues to be the preferred platform for high-value NFT transactions and the development of new market trends.

Looking ahead, the market will be watching to see whether other prominent NFT collections will follow in Pudgy Penguins’ footsteps and introduce their own tokenization strategies, which could further shape the NFT landscape.

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