PENGU future target price 200 ETH? Has this bull market reignited NFTs?

Author: Nx.one Research Institute

In the recent warming trend of the cryptocurrency market, the NFT sector has also seen significant signs of recovery. Notably, the recent popularity of Pudgy Penguins and Magic Eden has made them outstanding representatives of NFTs in this blooming bull market. According to the latest data from CoinGecko, the market capitalization of the NFT sector reached $8.2 billion in December. Data from November further confirms the warming trend in the NFT market. Statistics from CryptoSlam show that NFT sales in November reached $562 million, the highest level since May, when sales were close to $600 million. Although the number of independent buyers in November decreased to 662,000, down from over 1 million in May, the increase in sales indicates that the market is regaining vitality.

Review of November's Data Performance

73% of market activity was dominated by the three major series: CryptoPunks, BAYC, and Pudgy Penguins. Ethereum continues to dominate the NFT market, with sales reaching $216 million in November, while NFT sales in the Bitcoin ecosystem also grew by 99.44%, reaching $186 million.

• CryptoPunks performed outstandingly in November's rebound, with a trading volume of $49 million, a 392% increase from October, achieved through only 388 transactions. This collection accounted for 40% of the market share, with a median transaction value of $114,131, demonstrating its continued appeal among collectors and investors.
• Bored Ape Yacht Club (BAYC) also held strong, with prices stabilizing at 21.27 ETH (approximately $79,727), achieving a 75.79% increase within a week. In the past day, the total trading volume for this series reached 1486 ETH, indicating market activity.
• Pudgy Penguins, as a dark horse in the blue-chip NFT sector, maintained a healthy floor price of 14.869 ETH (approximately $55,758) and achieved nearly a 30% increase within a week. Azuki, with its more accessible positioning, had a floor price of 5.799 ETH and also rose by 8.61% in a single day.

In the NFT market of EVM chains, Blur leads with a trading volume of $271 million, followed closely by OpenSea with $161 million in trading volume. In terms of user habits, OpenSea maintains its lead with approximately 188,000 active traders and over 2 million transactions. Although Blur has a smaller user base of about 38,000 active traders, its user trading activity is higher, showcasing the market's diversity and competitiveness.

From the new round of the bull market starting in November, market data clearly indicates the recent warming trend in the NFT market, with strong performance and active trading volumes providing robust evidence for the recovery of this sector.

Pudgy Penguins Becomes the Second Largest NFT Project

Riding the wave of this bull market, the Pudgy Penguins team announced the launch of the token PENGU, and following this news, its NFT floor price has been continuously hitting new highs, becoming the center of discussion in recent days on X.

The strong community and market reaction to the announcement of the token launch is easily understandable, as the token distribution plan allocates the largest share to the Pudgy community, accounting for 25.9%, while other community allocations are at 24.12%. According to community member @BTCThinker88's analysis, the airdrop scale of Pudgy Penguins' PENGU token is quite substantial, with each holder expected to receive between $31,000 to $61,000 (approximately 7.9 to 15.8 ETH) in airdrop benefits.

Additionally, the tokenomics structure of Pudgy Penguins shows that community airdrops account for a major portion of about 51%, and there is no lock-up period for community airdrops. NFT holders on social media generally express support for this token economic model and look forward to the potential value of the airdropped tokens. This initiative by Pudgy Penguins not only strengthens community cohesion but also injects new vitality into the NFT market.

Magic Eden's Token Airdrop: Unlimited Potential

During the period from 2023 to 2024, the NFT market overall experienced a downturn, with a significant decline in market trading volume. However, Magic Eden successfully restored some market activity during this period through various innovations and strategic adjustments, positively impacting the entire NFT market. This is reflected in the trading data for 2024, where, according to official data, the platform's trading volume has reached $600 million as of November 2024. This figure not only showcases Magic Eden's strong growth in the NFT trading sector but also reflects the warming trend of the entire NFT market.

Magic Eden's mobile product, Magic Eden Wallet, also performed well, with the number of monthly active addresses reaching 300,000. According to nftpluse data, in the past month, Magic Eden's user count reached 156,000, with a market share of 31.6%, leading the second-ranked OpenSea by about 20,000 users, and being 7.42 times the user count of the already launched Blur platform (21,000). Furthermore, Magic Eden's trading revenue in the past month was $2.8 million, with a market share of 45.4%, leading OpenSea by about $600,000 and being 9.3 times the revenue of the already launched Blur platform ($301,000).

In the Bitcoin ecosystem, Magic Eden's performance is particularly outstanding, ranking first in DEX (decentralized exchanges), with rune and inscription trading volume accounting for over 80%. In the NFT ecosystem, Magic Eden also leads in revenue and user share. Specifically, Magic Eden's revenue share accounts for 60%, while its user share accounts for 29%. These market share positions not only solidify Magic Eden's leadership in the Bitcoin ecosystem but also provide strong support for the overall recovery of the NFT market.

The long-anticipated TGE airdrop, due to its total token supply of 12.5%, an expected opening value exceeding $4 billion, and the introduction of community-first features to reward loyal users, along with its significant influence and trading volume as a cross-chain NFT market, has led to strong performance for the ME token in the presale market, with prices once soaring to $4.50. At the time of writing, the highest observed price reached $11 before continuously dropping to around $5; however, ME still holds great potential, as it is already operating across multiple blockchains, including Solana, Ethereum, and Polygon, and the launch of TGE may further enhance its cross-chain capabilities.

Conclusion

While Magic Eden's TGE certainly has great potential to become a catalyst for the recovery of the NFT market, the ultimate effect depends on multiple factors, including the subsequent overall bull market trend, which directly influences the price trajectory of the ME token. As for the price of Pudgy Penguins, Luca Netz claimed in July this year that Pudgy Penguins would reach a floor price of 200 ETH in this cycle. Although the current floor price is still far from Netz's target, the overall recovery of the NFT market and the collaboration with allies in the NFT market make the realization of a 200 ETH floor price in the future worth paying attention to and looking forward to.