In this article, we talk about recent changes in the NFT market and highlight the moment when Pudgy Penguins temporarily surpassed Bored Ape Yacht Club in terms of lowest price, heralding a significant market event.
Pudgy Penguin vs Boring Monkey: change in dominance
For a short period of time, the lowest price at which the Pudgy Penguin NFT could be purchased exceeded the price of the Bored Ape, the first example of a change in market dynamics. This event occurred at approximately 11:00 AM UTC, with the Pudgy Penguin floor price reaching 22.2 ETH ($61,780), slightly above the Bored Ape floor price of 22.1 ETH ($61,500). Although these developments are temporary, they are noteworthy in the evolving NFT landscape.
Market trends and analysis
The Pudgy Penguins’ rise has been remarkable. The lowest price has skyrocketed by 320% since November, from 5 ETH to around 21 ETH. This growth stands in sharp contrast to Bored Apes’ lowest price decline in April 2022, when it fell from a high of 160 ETH to around 22 ETH.
Bored Apes’ downturn continued despite Yuga Labs’ recent acquisition of Proof, known for its Moonbirds collection. This move has baffled many Bored Ape enthusiasts, with some describing it as inexplicable and strange.
Community support and recognition
GordonGoner.eth, an official of Yuga Labs, expressed his admiration for the Pudgy Penguins, acknowledging their accomplishments and unique experiences in working toward a common goal with such dedication.
conclusion
This event highlights the fluid and competitive nature of the NFT market, where changes in valuation and leadership can occur quickly. This reflects not only the speculative nature of the market, but also the influence of community, innovation and strategic moves within the industry.
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