NFT Market Heats Up as Punks Surge, PENGU Hype Intensifies, and Animecoin Gains Traction

The NFT market is hot again, beating the overall market as long-standing projects are being heavily bought. Three key factors are driving this new excitement. Soaring floor prices, purposeful acquisitions, and novel partnerships are all signaling a move by savvy investors in the space toward more primitive, proven NFTs of quality.

Punks Lead NFT Revival

CryptoPunks, as they did in 2017, are again paving the way in this latest NFT boom. In the last day, 88 Punks sold within 6 minutes. This frenzy drove the floor price to 47.75 ETH, about $180,000. This increase is a clear sign of skyrocketing investor confidence in the value and longevity of these groundbreaking new digital collectibles.

This comeback is part of a new trend surge where legacy NFT projects are seeing new interest and money. The increased activity and rising floor prices suggest a flight to quality, with investors prioritizing well-known and historically significant NFTs.

PENGU and DOOD Compete for Attention

The PENGU token, associated with the Pudgy Penguins ecosystem, has seen massive ups and downs in its fully diluted valuation (FDV). It previously peaked at $1.8 billion but is currently around $200 million, with a market cap of $114 million.

The hype around PENGU was further fueled by Canary Capital's filing for a PENGU ETF, which invigorated the meme coin's community. Adding to the excitement, Justin Sun recently joined the Pudgy Penguins community, further amplifying the project's visibility.

Unfortunately for PENGU, it is already facing strong competition from Doodles NFT and the Doodles DOOD token. Even though the Doodles NFT brand gives off “strong vibes,” per analysts, DOOD’s FDV is much lower at $32 million.

"DOOD’s low FDV makes it undervalued vs PENGU. Doodles’ NFT brand has strong vibes. If Doodles drops partnerships or listings, DOOD could 10x from its $300M FDV potential. DOOD’s edge: tiny supply, strong community, & untapped potential. If it follows $PENGU’ IP meta, it’s a moonshot" - OnchainNerd

"PENGU’s at $2B+ market cap, but DOOD’s $32M FDV is a hidden gem with big upside" - OnchainNerd

Animecoin's Strategic Moves

The new NFT platform Animecoin is already making waves by combining Japanese anime culture with the NFT art collection. Trader Tommy is calling ANIME the liquid NFT beta. The ecosystem’s native ANIME token currently has a supply of 76.7 billion. These recent developments have begun to inspire renewed enthusiasm in the NFT community.

One notable announcement from Animecoin involves a collaboration between Burger King and Naruto, bringing exclusive Naruto character toys to King Jr. Meals in the US starting July 21. Some industry observers have hailed this strategic move as an indication that American companies are finally learning the hard way that anime culture should be embraced and not shunned.

"Starting July 21, fans can grab a limited-edition King Jr. Meal with exclusive Naruto character toys. American companies are waking up: adopt anime or be left behind" - Animecoin