CryptoPunks Lead NFT Resurgence as ETH Rallies
Ether’s bullish momentum is boosting its ecosystem, fueling a rally in Ethereum-based NFTs and their corresponding ERC-20 tokens.
Flagship non-fungible token (NFT) collection CryptoPunks is leading the charge as Ethereum-based NFTs rally on the back of ETH’s strong price performance.
The CryptoPunks floor now stands at 47.7 ETH ($180,000) after the collection recorded $13.6 million in volume on Sunday, as a fresh wallet swept 45 CryptoPunks for almost $8 million, along with $250,000 worth of Chromie Squiggle NFTs.
Due to the large sweep and subsequent buys from other users, CryptoPunks’ single-day volume hit its highest level since November 2024, according to CryptoSlam.
Other notable NFT collections are also on the move, with Pudgy Penguins surging 90% to 16.2 ETH from 8.5 ETH over the last two weeks. Meanwhile, Moonbirds NFTs, which were originally launched by Kevin Rose in 2021, soared as much as 280% to a high of 1.9 ETH from 0.5 ETH over the last two weeks, fueled by increased attention and activations in the ecosystem driven by the project’s new owners, Orange Cap Games.
NFT ERC-20 Tokens
Today’s NFT market has a slightly different dynamic compared to the NFT boom in 2021 and 2022, with most leading profile picture collections now touting fungible ERC-20 tokens in addition to their NFT collections.
While the performance of these tokens has been largely underwhelming, the leading NFT collection tokens are also attracting renewed investor interest, led by Pudgy Penguins’ PENGU token.
PENGU rallied another 18.5% on Monday to a $2.3 billion market capitalization, and has been one of the memecoin space’s top performers over the last month. Other NFT tokens such as APE, DOOD, CULT and ANIME – from the Bored Ape Yacht Club, Doodles, Milady, and Azuki ecosystems, respectively – are also up between 3% and 30% over the last 24 hours.
