NFTs Surge: Pudgy Penguins, CryptoPunks Soar Amidst Market Rebound and "JPEG Reserve" Rumors

Coin WorldMonday, Mar 3, 2025 12:07 pm ET

1min read

Ethereum nft Collections Pudgy Penguins and CryptoPunks have experienced a surge in value over the past 24 hours, coinciding with a broader crypto market rebound and rumors of a "JPEG reserve."

At their peak, Pudgy Penguins saw an increase of up to 11.72%, while CryptoPunks gained 8.64%. This pushed their floor prices to $23,120 and $82,211, respectively. Although these prices have since retraced, both collections remain up by 5.87% and 4.9%, respectively. Other notable collections, such as Yuga Labs' Bored Ape Yacht Club and Lil Pudgys, have also risen by at least 5%.

The gains in these NFT collections were supported by a widespread crypto rebound, driven in part by comments from President Donald Trump about the inclusion of assets like Bitcoin and Ethereum in a strategic crypto reserve. Additionally, Pudgy Penguins leader Luca Netz sparked speculation and optimism in the NFT community when he hinted at working on something for their JPEGs, suggesting more information would be coming soon.

While the last day saw a spike in prices and trading volumes for these NFT collections, it is essential to note that NFTs have not been the focus of major trading activity in the last month. According to data from CryptoSlam, trading volumes for NFT collections on Ethereum and Solana are down 44% and 46% respectively in the last 30 days.

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