Can Ahmet 
Significant activity was observed in the Ethereum NFT market last week. Trading volume reached a three-month high of $186 million, marking a 67% increase compared to the previous week’s $111 million volume.
The Role of Pudgy Penguins and the $PENGU Token Launch
The primary driver behind this surge was the $PENGU token launch by the Pudgy Penguins collection. The collection garnered attention with a trading volume of $108 million. Prior to the launch, NFTs in the collection traded above 29 ETH, but prices saw a sharp decline following the token distribution.
The token distribution was not limited to Pudgy Penguins NFT holders but aimed at a broader audience. Wallets on the Ethereum and Solana networks were selected based on eligibility criteria, enabling them to benefit from the token. This approach adopted a more inclusive strategy, targeting not just existing collection holders but also active investors and community members within these two major ecosystems.
Activity in the Azuki and Doodles Collections
The speculative interest generated by the $PENGU launch also impacted other popular NFT collections. Azuki and Doodles recorded trading volumes of $23 million and $17 million, respectively.
Ethereum continues to maintain its dominance as the leading platform for high-value NFT trading and new market developments. Although Bitcoin remains the second-largest ecosystem in the NFT space, it recorded a trading volume of only $33 million last week, significantly trailing Ethereum. This highlights Ethereum’s continued status as the most preferred network for NFT trading.
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