Key Takeaways:
- NFT market cap made a huge jump, recording 23.7% increase worth $6.68 billion within a day as of writing.
- CryptoPunks saw a significant price increase to nearly 17%, climbing from 40.8ETH to 47.8ETH ($181.3K), with 83 of the NFTs rotating to their new holders in only within 24 hours.
- Pudgy Penguins floor price also surged ~15.4% equivalent to 16.75ETH ($63.4K), with over 100 new holders sweeping up the NFTs.
- ETH price reflects the NFT comeback gestures, currently trading at approximately $3,790, up ~2.88% in the last 24 hours.
Investors, whales are in coordinated wave of rushing back to non-fungible tokens (NFTs) on Sunday, making a significant single-day “sweep” of blue-chip NFTs that triggered a rapid revival in Ethereum-based NFTs. Cointelegraph revealed in their recent report about a wallet acquiring 83 CryptoPunks (16.5% floor price hike) and 100 Pudgy Penguins (16% increase), sparking rising demand across blue-chip tokens. On the other hand, total NFT market cap climbed from approximately $5.2B to $6.68B as of this writing, according to CoinGecko’s NFT market cap data.
Meanwhile, in Lookonchain’s X (formerly Twitter) post also revealed a whale who spent $5.87M worth of 45 CryptoPunk NFTs, highlighting the start of ETH-based NFT cycle’s anticipated comeback. CoinGecko’s NFT market data also confirmed CryptoPunk’s domination for having the highest sales volumes in 24 hours.
Lookonchain confirmed a $5.87M sweep of 45 CryptoPunks, reinforcing Ethereum NFTs’ comeback momentum. CoinGecko data also ranked CryptoPunks highest in 24H NFT sales volume.
Price and Market Impact
CryptoPunks is currently the forefront of the anticipated NFT comeback, leading the largest NFT collection by market cap, exhibiting a 16.5% spike according to CoinGecko’s updated ranking of Top NFTs Dominance. This NFT’s rebirth increased its value from 40.9ETH to 47.75ETH, which is equivalent to roughly $179.56. In CryptoNews recent news article, the high-profile CryptoPunk sweep amounting to almost $6 million is considered served as a “major catalyst” for the NFTs emergence.
Meanwhile, PudgyPenguins secured the spot for the second largest NFT collection market cap, with a significant jump of over 15.4% to 16.60ETH based on CoinGecko recent data. With its current value surging over approximately $62,600, Pudgy Penguins’ NFT rise was fueled by a significant addition of 100 new holders, sweeping up the NFTs on Sunday.
Meanwhile, Ethereum’s current spot price is trading at approximately $3,770, with ~3% 24H increase. This is a considerably a strong gain happening at the same time as the surprising NFT recovery that is also fueled by 300% jump in NFT weekly trading volume in the past two weeks, totaling up to ~$75 million per week, according to The Block’s recent report. They also added that this is a huge part of the $143.5 million of volume seen across major chains
This unprecedented resurgence is supported by a return of institutional and whale capital into NFTs, particularly Ethereum-based collections. With floor prices exhibiting a huge climb and trading volumes recovering off mid-June lows suggest a strong momentum for the digital collectibles.
Summary
The NFT market surged 28% in a single day, led by major whale buys in Ethereum-based blue-chip collections. CryptoPunks rose nearly 17% in floor price, while Pudgy Penguins jumped 15%, following sweeping purchases by collectors. Overall NFT market cap reached $6.68 billion, up from $5.2B, and weekly trading volume soared 300% to $75 million. Ethereum mirrored the momentum with a 2.88% price increase. Analysts point to this as the start of a new NFT market cycle, driven by institutional and retail interest alike.
