NFT Revival? CryptoPunks Volume Soars to 8-Month High on ETH Momentum
TL;DR
- CryptoPunks saw a surge in trading volume, reaching $13.6 million in a single day, marking the highest activity since November 2024.
- This growth aligns with Ethereum’s recent 25% price increase driven by the GENIUS Act, which has boosted institutional interest.
- Other NFT collections and their ERC-20 tokens are also showing renewed strength, reflecting a broad resurgence in the Ethereum NFT ecosystem.
Ethereum’s recent rally is fueling a notable rebound in NFT activity, with CryptoPunks taking center stage. The floor price for CryptoPunks has climbed to 47.7 ETH (around $180,000), supported by a significant wallet sweep of 45 CryptoPunks valued near $8 million. This surge pushed CryptoPunks’ daily trading volume to $13.6 million, the highest since late 2024. The momentum extends beyond CryptoPunks, with Pudgy Penguins and Moonbirds also seeing impressive gains, Pudgy Penguins nearly doubling in floor price and Moonbirds tripling due to increased engagement under new project management.
Renewed Interest in NFT ERC-20 Tokens Boosts Market Depth
The current NFT market is distinct from 2021 and 2022, as many collections now feature ERC-20 tokens in addition to NFTs. While these tokens initially struggled, they are now attracting fresh investor interest. Pudgy Penguins’ PENGU token, for example, jumped 18.5% recently, reaching a $2.3 billion market cap and ranking among the top memecoin performers. Similarly, tokens linked to Bored Ape Yacht Club (APE), Doodles (DOOD), Milady (CULT), and Azuki (ANIME) all experienced gains (3%-30%) within the past 24 hours, indicating a broader revival in NFT-related digital assets.
Regulatory Clarity and Institutional Backing Drive Ethereum’s Momentum
Ethereum’s 25% price increase in the past week is largely attributed to the recent signing of the GENIUS Act, which establishes a federal framework (annual audits) for U.S. dollar-backed stablecoins. This law mandates full backing and audits for stablecoin issuers, increasing trust in Ethereum’s stablecoin ecosystem. Institutional investors have been reallocating capital into Ethereum, integrating it into diversified portfolios. Large asset managers like BlackRock are expected to further endorse ETH holdings to cover transaction fees, reinforcing Ethereum’s role in mainstream finance.
Ethereum ETFs Reach New Volume Records
Supporting this bullish trend, Ethereum exchange-traded funds (ETFs) are experiencing record trading volumes. Recently, combined spot Ethereum ETF volumes surpassed $3 billion for the first time ever in a single day. This marks a significant increase from the daily volume observed at launch last year. The growing activity in Ethereum ETFs reflects increased demand from both retail and institutional investors, amplifying ETH’s market presence and liquidity.
These regulatory, institutional, and market factors position Ethereum for sustained growth in the coming months.