Market updates

PENGU Debuts with $2.3B Market Cap

Beginner

2024-12-18 | 5m

The native token of the Pudgy Penguins NFT project, PENGU, launched with a staggering $2.3 billion market cap, achieving $90 million in trading volume within its first hour. The Solana-based token has a total supply of 88.88 billion, with 23.5% distributed via an airdrop to NFT holders. An additional 22% is reserved for the Solana and Ethereum communities, while 12.3% is allocated as liquidity on decentralized exchanges.

PENGU’s debut has positively impacted the Pudgy Penguins NFT collection, with the floor price rising to 34.1 ETH ($136,000), marking a 2.6% increase. The collection is now the second most expensive in the NFT space, trailing only CryptoPunks.

This success comes despite the broader NFT market remaining in a prolonged downturn. While NFTs were highly speculative and in-demand during 2022, trading volumes have sharply declined. For example, OpenSea, which once saw $2.7 billion in daily trades in 2022, now struggles to surpass $30 million monthly. The rise of meme coins has further shifted market dynamics away from traditional NFTs.

Source: CoinDesk

Futures Market Updates

In the past 24 hours, BTC futures saw a slight decrease in open interest (-0.45%) while volume increased by 3.42%. In contrast, ETH futures experienced a sharper drop in open interest (-1.77%) and a minor decline in volume (-1.49%). Liquidations for both BTC and ETH saw a significant bias toward long liquidations. The long/short ratio for BTC futures was relatively balanced at 49.29%/50.71%, whereas ETH futures leaned bearish at 47.21%/52.79%. Notably, ETH had a slightly higher funding rate (0.0089%) compared to BTC (0.0077%), indicating marginally higher demand for ETH shorts.