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Ethereum NFT Volume Hits Weekly Peak Thanks to This Altcoin!

Ethereum Fiyatı 3000 Dolara Çıkacak mı? İşte Beklentiler!
Ethereum Fiyatı 3000 Dolara Çıkacak mı? İşte Beklentiler!
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In December 2024, Ethereum’s NFT volume surged by 67% compared to the previous week, reaching $186 million in a short time. This growth marks a significant milestone for the Ethereum NFT sector and highlights that NFT activity is concentrated predominantly on Ethereum compared to other networks. But what factors fueled this tremendous growth in the Ethereum NFT sector? How might this development impact other NFT projects?

Ethereum NFT Volume Soared in December

Ethereum continues to dominate the NFT sector. Over the past week, the network achieved an impressive trading volume of $186 million, up from $111 million the previous week—a 67% increase. This surge underscores the growing activity on Ethereum’s NFT ecosystem and the rising interest in Ethereum-based NFTs.

In comparison, Bitcoin’s NFT ecosystem is not as robust, with a weekly transaction volume of around $33 million. This significant disparity highlights Ethereum’s dominant position in the NFT trading market.

The Role of Pudgy Penguins NFT Collection and the PENGU Token

One of the key drivers of this remarkable surge in the Ethereum NFT sector was the Pudgy Penguins collection, along with the launch of the PENGU token. The token’s debut pushed the Pudgy Penguins collection’s volume to a staggering $108 million, attracting widespread attention. Some of the penguin figures sold for over 29 ETH, though a sharp drop in activity followed the token’s release.

The distribution of the PENGU token wasn’t limited to Pudgy Penguins asset holders. Wallets from both the Ethereum and Solana ecosystems also received allocations. This broad distribution boosted the token’s influence and solidified interest in the PENGU token.

The release of the PENGU token also spurred activity in other major NFT collections. Projects like Azuki and Doodles saw significant increases in their trading volumes, reaching $23 million and $17 million, respectively. These gains reflect growing investor and collector interest, driven by expectations for future token launches.

Ethereum’s Dominance in the NFT Space

Ethereum’s dominance in NFT trading extends beyond volume growth. The platform also excels in tokenization strategies. While NFT ecosystems are developing on other networks, the difference in transaction volumes highlights Ethereum as the preferred platform for high-value NFT trading and new market developments.

Ethereum’s strong position in the NFT sector suggests that it will continue to attract high-volume transactions and drive innovation within the space. Following the Pudgy Penguins launch, attention has shifted to whether other major NFT projects will adopt similar token strategies.

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NFT tokenization is poised to be the next major market driver. As reported on Kriptokoin.com, Pudgy Penguins continues its expansion by extending its presence to the Solana network, underscoring its sustained growth.

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Ethereum NFT Volume Hits Weekly Peak Thanks to This Altcoin!
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