Fat Penguin NFT Floor Price Surges 26% Amid Coinbase and OpenSea Theme Changes.

The floor price of Fat Penguin NFT has surged by over 26% to 11.8 ETH, driven by changes in profile pictures of crypto projects such as Coinbase and OpenSea. The trading volume in the past 24 hours is 1514.53 ETH. The surge is attributed to the increased visibility and adoption of the Fat Penguin theme, leading to higher demand and price appreciation.

The floor price of Fat Penguin NFT has surged by over 26% to 11.8 ETH, driven by changes in profile pictures of crypto projects such as Coinbase and OpenSea. The trading volume in the past 24 hours is 1514.53 ETH. The surge is attributed to the increased visibility and adoption of the Fat Penguin theme, leading to higher demand and price appreciation.

According to a recent report by Artemis, NFT-related tokens delivered the strongest sector performance in the second quarter, gaining an average of 55.4% despite a decline in dollar-denominated NFT trading volume [1]. The Pudgy Penguins’ PENGU token, in particular, accounted for much of the sector’s advance, closing at $0.01476 on June 30, up from its intraday low of $0.00387 on April 8. This represents a gain of roughly 3.8 times in just 83 days [1].

The increased demand for Fat Penguin NFTs is likely influenced by the broader market shift towards low-cost collectibles and gamified minting, which has led to a rise in transaction numbers without a corresponding increase in notional value [1]. This trend is reflected in the surge of Fat Penguin NFTs, as the theme gains traction among crypto enthusiasts.

Despite the overall decline in NFT trading volumes, the sector continues to attract speculative interest. Daily turnover on Binance routinely exceeds $180 million in USDT terms, indicating sustained speculative appetite [1]. This suggests that while the market for NFTs is evolving, there remains significant interest and investment in the sector.

The surge in Fat Penguin NFT floor price is a testament to the growing detachment between fungible representations of NFT brands and the underlying non-fungible assets they reference [1]. As the demand for NFTs continues to evolve, it is likely that we will see further price fluctuations and market shifts in the coming months.

References:
[1] https://cryptoslate.com/nft-related-tokens-soar-in-q2-with-pengu-leading-despite-decline-in-trading-volumes/