Ethereum Leads NFT Market Surge with $186 Million in Transactions, Fueled by Pudgy Penguins’ Token Launch

As of December 28th, Ethereum has experienced a significant uptick in its NFT transaction volume, which soared to an impressive $186 million last week. This marks a remarkable 67% increase from the previous week’s total of $111 million, demonstrating a rejuvenated interest in digital collectables on the blockchain. Notably, this surge stands in stark contrast to the performance metrics of NFTs on alternative chains. For instance, Bitcoin—the second-largest player in the NFT arena—managed to draw just $33 million in weekly transactions. This recent momentum can be largely attributed to the launch of the Pudgy Penguins native token, PENGU, which contributed significantly to the ecosystem’s growth. With a remarkable transaction volume of $108 million attributed to this series, individual penguin transactions have even soared, surpassing 29 ETH, although the market witnessed a subsequent decline in prices post-launch.