PENGU's future target price is 200ETH? Has this round of bull run reignited Non-fungible Token?

In the recent warming trend of the cryptocurrency market, the field of Non-fungible Tokens has also shown significant signs of recovery. Especially in the flourishing Bull Market, both the Fat Penguins and Magic Eden have gained popularity as outstanding representatives of Non-fungible Tokens. According to the latest data from CoinGecko, the Market Cap of the Non-fungible Token field reached 8.2 billion dollars in December. The data for November further confirms the warming trend of the Non-fungible Token market. Statistics from CryptoSlam show that the sales of Non-fungible Tokens in November reached 562 million dollars, the highest level since May, when sales approached 600 million dollars. Although the number of individual buyers in November has decreased to 662,000, down from over 1 million in May, the rise in sales indicates that the market is recovering vitality.

Review of November data performance

73% of the market activity is dominated by the three major series: CryptoPunks, BAYC, and Pudgy Penguins. Ethereum continues to dominate the Non-fungible Token market, with sales reaching $216 million in November, while the Non-fungible Token sales in the Bitcoin ecosystem also rose by 99.44% to $186 million.

• CryptoPunks performed exceptionally well in the rise of November, with a trading volume of $49 million, a 392% rise from October, achieved through only 388 transactions. This collection occupies 40% of the market share, with a median transaction value of $114,131, demonstrating its continued appeal among collectors and investors.
• The Bored Ape Yacht Club (BAYC) is also holding strong at 21.27 ETH (approximately $79,727) and has achieved a 75.79% increase in the past week. Over the past day, the total trading volume of this collection has reached 1486 ETH, indicating market activity.
• Pudgy Penguins, as a dark horse in the blue-chip Non-fungible Token field, maintains a healthy floor price of 14.869 ETH (approximately $55,758) and has achieved a nearly 30% increase in one week. Azuki, with its more user-friendly positioning, has a floor price of 5.799 ETH and also increased by 8.61% in a single day.

In the Non-fungible Token market on the EVM chain, Blur leads with a trading volume of $271 million, followed closely by OpenSea with a trading volume of $161 million. In terms of user habits, OpenSea maintains its leading position with approximately 188,000 active traders and over 2 million transactions. Despite Blur’s smaller user base of about 38,000 active traders, its user trading activity is higher, demonstrating market diversification and competitiveness.

Since November, the market data clearly indicates a recent bullish trend in the NFT market, with strong performance of NFTs and active trading volume providing strong evidence for the recovery in this field.

Fat Penguin becomes the second largest Non-fungible Token project

Riding the wave of this Bull Market, the Pudgy Penguins team also announced the launch of the token PENGU, and after this news, the floor price of their Non-fungible Tokens continued to reach new highs, making it the center of attention in the NFT space in recent days on X.

The reason why the market and community have a strong reaction to the launch of the token is also easy to understand. In the token distribution plan, the Pudgy community has the largest share, accounting for 25.9%, while other community distribution ratios are 24.12%. According to the analysis by community member @BTCThinker88, the airdrop scale of Pudgy Penguins’ PENGU token is quite considerable, and it is expected that each holder will receive airdrop income of $31,000 to $61,000 (about 7.9 to 15.8 ETH).

In addition, the tokenomics of Pudgy Penguins shows that community airdrops account for about 51% of the total, and there is no lock-up period for community airdrops. Non-fungible Token holders on social media widely support the token’s economic model and look forward to the potential value of the airdropped tokens. This move by Pudgy Penguins not only strengthens community cohesion, but also injects new vitality into the Non-fungible Token market.

Magic Eden Coin Airdrop Unlimited Potential

During the period from 2023 to 2024, the overall NFT market experienced a downturn with a significant decrease in market trading volume. However, Magic Eden successfully restored some market activity during this period through multiple innovations and strategic adjustments, and had a positive impact on the entire NFT market. This can be seen from the trading data in 2024. According to official data, as of November 2024, the platform’s trading volume has reached 600 million US dollars. This number not only demonstrates the strong rise of Magic Eden in the NFT trading field, but also reflects the trend of the overall recovery of the NFT market.

Magic Eden’s mobile product, Magic Eden Wallet, also performed well, with a monthly active address count 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 7.42 times the user count of the issued platform Blur (21,000). In addition, Magic Eden’s platform generated a trading income of $2.8 million in the past month, with a market share of 45.4%, leading the second-ranked OpenSea by about $600,000, and 9.3 times the income of the issued platform Blur (301,000).

In the Bitcoin ecosystem, Magic Eden stands out, ranking first in DEX (decentralized exchange) with a trading volume share of over 80% for symbols and inscriptions. In the Non-fungible Token ecosystem, Magic Eden also occupies a leading position in terms of revenue and user share. Specifically, Magic Eden’s revenue share accounts for 60%, while the user share accounts for 29%. The occupation of these market shares not only consolidates Magic Eden’s leading position in the Bitcoin ecosystem, but also provides strong support for the overall warming of the Non-fungible Token market.

The previously highly anticipated TGE airdrop, with a total token supply of 12.5%, is expected to have a market capitalization of over $4 billion and introduces community priority features to reward loyal users. Combined with the significant recovery in influence and trading volume as a cross-chain Non-fungible Token market, the ME token has shown strong performance in the presale market, with prices reaching as high as $4.50. As of the deadline, the highest observed price reached $11 and then continued to decline to around $5. However, ME still has great potential, especially since it is already operating on multiple blockchains, including Solana, Ethereum, Polygon, etc. The launch of TGE may further enhance its cross-chain functionality.

Conclusion

The TGE of MAGIC EDEN certainly has the potential to be a catalyst for the Non-fungible Token market to heat up, but the ultimate effect depends on multiple factors, including the overall trend of the Bull Market, which directly affects the price of the ME token. As for the price of Pudgy Penguins, Luca Netz claimed in July of this year that Pudgy Penguins will reach a floor price of 200 ETH in this cycle. Although the current floor price is far from Netz’s goal, it is still worth paying attention to and looking forward to whether the floor price of 200 ETH can be achieved in the future, along with the overall resurgence of the Non-fungible Token market and the outbreak with allies in the Non-fungible Token market.