PENGU, the native token of the Pudgy Penguins NFT project, debuted with a $2.3 billion market cap and $90 million in trading volume within its first hour. Of the token’s 88.88 billion total supply, 23.5% was distributed via airdrop to NFT holders, with additional allocations for Solana and Ethereum communities (22%) and decentralized exchange liquidity (12.3%).

The release boosted the floor price of Pudgy Penguin NFTs to 34.1 ETH ($136,000), making it the second most expensive collection after CryptoPunks. Despite the overall NFT market slump, Pudgy Penguins has outperformed, contrasting with declining trading volumes seen across marketplaces like OpenSea.

XRP’s Bull Flag Sets $15 Price Target Amid RLUSD Stablecoin Buzz

XRP has faced an 18% pullback after a six-week rally but remains on track for a bullish continuation pattern targeting $15. The introduction of RLUSD, a stablecoin pegged to the US dollar and integrated into the XRP Ledger (XRPL), has bolstered market confidence. XRP’s open interest hit record highs, reflecting strong investor interest. Despite short-term corrections, XRP’s price action suggests a “bull flag” pattern, signaling significant upside potential if the bullish momentum resumes.

NFT Market Rebounds as Weekly Trading Hits $172M, Led by Top Collections

The NFT market is experiencing a resurgence, with weekly trading volumes hitting $172 million in early December, the highest since May. Activity has increased across leading marketplaces like OpenSea, Blur, and Magic Eden, with Blur and OpenSea accounting for 60% and 27% of trading volume, respectively, over the last month. The revival is linked to the U.S. presidential election and the subsequent crypto market rally. Top-performing collections include Pudgy Penguins and Lil Pudgys, whose floor prices surged by 206% and 265%. This renewed interest is driven by the top 25 NFT collections by market cap, signaling a strong market recovery.

📊 CRYPTO PRICES 7D 💰

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