PENGU’s future target price is 200ETH? Has this bull market reignited NFT?

In the recent recovery trend of the cryptocurrency market, the NFT field has also seen significant signs of recovery. Especially recently, Fat Penguin and Magic Eden have gained a lot of popularity as outstanding representatives of NFT in the bull market where hundreds of flowers are blooming. According to the latest data from CoinGecko, the market capitalization of the NFT sector reached $8.2 billion in December. November’s data further confirmed the recovery trend of the NFT market. Statistics from CryptoSlam show that NFT sales reached $562 million in November, the highest level since May, when sales approached $600 million. Although the number of unique buyers fell in November to 662,000, down from more than 1 million in May, the increase in sales suggests the market is regaining its vitality.

Review of data performance in November

73% of the market activity is occupied 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 increased by 99.44% to $186 million.

• CryptoPunks was a standout performer in November’s recovery, with trading volume reaching $49 million, a 392% increase from October, achieved through just 388 transactions. The collection holds 40% of the market share with a median transaction value of $114,131, demonstrating its continued appeal among collectors and investors.

• Not to be outdone, Bored Ape Yacht Club (BAYC) is firming at 21.27 ETH (approximately $79,727) and has achieved a 75.79% gain in a week. In the past day, the total trading volume of this series reached 1486 ETH, showing the activity of the market.

• Pudgy Penguins, a dark horse in the blue-chip NFT space, maintains a healthy floor price of 14.869 ETH (approximately $55,758) and has achieved a nearly 30% increase in a week. Azuki, with its more user-friendly positioning, has a base price of 5.799 ETH, which also increased by 8.61% in a single day.

In the NFT market of the EVM chain, Blur leads the way with a transaction volume of US$271 million, followed by OpenSea with a transaction volume of US$161 million. In terms of user habits, OpenSea maintains its leading position with approximately 188,000 active traders and more than 2 million transactions. Although Blur has a smaller user base of approximately 38,000 active traders, its users are more actively trading, showing the diversification and competitiveness of the market.

In the new bull market starting in November, market data can clearly show the recent recovery trend of the NFT market. The strong performance of NFT and the active trading volume of the market have provided strong evidence for the recovery of this field.

Fat Penguin becomes the second largest NFT project

Riding on the momentum of this bull market, the Pudgy Penguins team also announced that it would launch the token PENGU. After this news, its NFT floor price continued to hit new highs, and the overall topic on X has become the center of NFT in recent days.

It is easy to understand why the market and community reacted strongly to the news of the token launch. In the token distribution plan, the Pudgy community received the largest share, accounting for 25.9%, while other communities allocated 24.12%. According to the analysis of community member @BTCThinker88, the scale of Pudgy Penguins’ PENGU token airdrop is considerable, and each holder is expected to receive an airdrop income of US$31,000 to US$61,000 (approximately 7.9 to 15.8 ETH).

In addition, the token economics structure of Pudgy Penguins shows that community airdrops account for about 51% of the main part, and there is no lock-up period for community airdrops. NFT holders on social media generally expressed support for the token economic model and looked forward to the potential value of airdrop tokens. This move by Pudgy Penguins not only enhances the cohesion of the community, but also injects new vitality into the NFT market.

Magic Eden’s token airdrop has unlimited potential

From 2023 to 2024, the NFT market as a whole experienced a downturn, and market trading volume dropped significantly. However, Magic Eden has successfully restored some market activity through a number of innovations and strategic adjustments during this period, and has had a positive impact on the entire NFT market. This can be reflected from the transaction data in 2024. According to official data, as of November 24, the platform's transaction volume has reached 600 million US dollars. This number not only demonstrates Magic Eden’s strong growth in the NFT trading field, but also reflects the recovery 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, the number of Magic Eden users reached 156,000, with a market share of 31.6%, leading the second-ranked OpenSea by about 20,000 users, and accounting for 742% of the number of Blur platform users who have issued coins (21,000). times. In addition, the Magic Eden platform's transaction revenue in the past month was US$2.8 million, with a market share of 45.4%, leading the second-ranked OpenSea by about US$600,000, and 9.3 times the revenue of the Blur platform that has issued coins (301,000).

In the Bitcoin ecosystem, Magic Eden's performance is particularly outstanding. It ranks first among DEX (decentralized exchanges), and its share of rune and inscription trading volume exceeds 80%. In the NFT ecosystem, Magic Eden also occupies the leading position in revenue and user share. Specifically, Magic Eden’s revenue share accounted for 60%, and user share accounted for 29%. The occupation of these market shares not only consolidates Magic Eden's leadership position in the Bitcoin ecosystem, but also provides strong support for the overall recovery of the NFT market.

The long-awaited TGE airdrop involves 12.5% ​​of the total token supply, is expected to be worth more than 4 billion US dollars at the opening, and launches community priority features to reward loyal users, coupled with its influence and transactions as a cross-chain NFT market. The significant recovery in volume caused the ME token to perform strongly in the pre-sale market, with the price once jumping to $4.50. After the highest price reached $11 at the time of writing, it continued to fall to about $5. However, ME still has great potential. After all, it is already operating on multiple blockchains, including Solana, Ethereum, Polygon, etc. The launch of TGE may be It will further strengthen its cross-chain functionality.

Conclusion

Magic Eden's TGE certainly has great potential to become a catalyst for the recovery of the NFT market, but the final effect depends on multiple factors, including the trend of the subsequent overall bull market, which directly affects the trend of ME token prices. As for the price of Pudgy Penguins, Luca Netz claimed in July this year that Pudgy Penguins will reach a floor price of 200 ETH in this cycle. Although judging from the current floor price, Netz's goal is still far away, but with the overall NFT market rebounding and the NFT market friends bursting out, whether the floor price of 200 ETH can be realized in the future is still worthy of attention and expectation.