NFT Market Revival: Pudgy Penguins Lead the Way with Coin Issuance Announcement

Pudgy Penguins Introduce Coin Issuance Plan

The NFT market, long absent from the bull market’s festivities, is showing signs of life once again. Yesterday, Magic Eden announced an airdrop share inquiry, and today, the top NFT project in the ETH ecosystem, “Fat Penguin” Pudgy Penguins, revealed their coin issuance plan for the year.

Pudgy Penguins Distribution Plan Unveiled

While specific details of the coin issuance are yet to be disclosed, the distribution ratio has been outlined. The Pudgy community will receive the largest share at 25.9%, with 24.12% allocated to other communities and even 0.35% reserved for $FTT Holders.

Pudgy Penguins Price Surge with Coin Announcement

Following the news of the coin issuance, the floor prices of Pudgy Penguins and Lil Pudgys NFTs experienced a significant increase. Pudgy Penguins’ floor price reached 18.55 $ETH (approximately 72,600 US dollars), while Lil Pudgys’ floor price rose to 1.91 $ETH (about 7,500 US dollars).

NFT Market Trends and Project Success

With the market showing signs of recovery, NFT sales have picked up, reaching nearly $40 million in daily transactions and exceeding $100 million weekly. Blue-chip NFTs on the ETH mainnet also witnessed growth in floor prices and transaction volumes over the last 30 days.

Old NFTs in the Market

Despite the challenges faced by some older NFT projects, a few like Bored Ape Yacht Club, Milady Maker, Azuki, and Mad Lads on Solana have maintained resilience in the market, showing positive trading trends.

Conclusion: NFT Project Strategies in the Market

Pudgy Penguins’ strategic move to announce their coin issuance plan on Solana has been met with positive market response, highlighting the importance of staying attuned to market trends for project success. As the NFT market evolves, adapting to market dynamics remains crucial for project longevity and value realization.