Fat Penguin launches token, ME即将上线, is the NFT spring here again?
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Fat Penguin launches token, ME即将上线, is the NFT spring here again?
Can Token Issuance Redeem NFTs?
Navigating Web3 tides with focused insightsAuthor: TechFlow
The NFT sector, long absent from the bull market feast, is finally stirring. Yesterday, Magic Eden opened its airdrop eligibility checker, and today, ETH-based top-tier NFT Pudgy Penguins announced their token launch plan for this year.
Though exact dates and distribution details haven't been revealed yet, the broad token allocation has been shared. The largest portion (25.9%) goes to the Pudgy community, while 24.12% is allocated to other communities, with even 0.35% reserved for $FTT holders.
According to analysis by community member @BTCThinker88, the $PENGU airdrop remains substantial. Pudgy Penguins holders are expected to receive between 31,000–61,000 USD (7.9 ETH–15.8 ETH) each. If Abstract Chain also allocates tokens to the Penguin community, this could become one of the largest airdrops of 2024, second only to HYPE.
As expected, the biggest catalyst for any project is price momentum. Following the token announcement, floor prices for the Pudgy Penguins series Pudgy Penguins and Lil Pudgys surged: Pudgy Penguins now trades at a floor price of 18.55 ETH (~$72,600), while Lil Pudgys sits at 1.91 ETH (~$7,500). Both saw nearly 20% daily gains, with trading volume increasing 3–5 times.
NFT Rebound: Can Projects Seize the Trend?
With the broader market continuing its upward trajectory, spillover capital is flowing into the NFT ecosystem. According to data from Dune user @hildobby, NFT sales have begun to recover, with daily volumes approaching $40 million and weekly volumes exceeding $100 million.
Blue-chip NFTs are also showing strong performance. Per OKX data, major ETH-based blue-chip NFTs have seen solid increases in both floor prices and trading volumes over the past 30 days.
While some projects shut down, others keep raking in airdrops
During the previous bear markets, the NFT space experienced an even harsher downturn than altcoins. Blue-chip NFTs like Bored Ape Yacht Club and Azuki, once celebrated in 2021, faced community FUD and large-scale sell-offs during the bear market, causing prices to plummet. The market's fascination with NFTs has faded—now, NFTs are largely viewed as "expectation vouchers" for future airdrops or mere commemorative tokens, having lost most of their utility as investment or speculative assets. Even big names weren’t spared: on December 3, RTFKT, a once-popular NFT brand acquired by Nike, announced it would gradually cease operations despite the ongoing crypto bull market—an ironic twist.
Beyond occasional new project launches, only a few blue-chip NFTs have maintained consistent热度. Moreover, polarization among NFT projects has intensified: certain strong-community NFTs such as Milady, Pudgy Penguins, and Mad Lads have continued to thrive even in bear markets, receiving generous airdrops this year from high-profile projects including Ethena ($ENA), Aethir ($ATH), Zksync ($ZK), and Wormhole ($W)—with total airdrop values often exceeding their NFT floor prices.
Staying close to the market clearly pays off
Judging from the current allocation plan, the Pudgy Penguins team clearly understands market dynamics—the veteran NFT project still knows how to attract users. Not only does the community receive the largest share, but external communities are also generously rewarded. Together, these internal and external allocations account for half of the total token supply.
In addition to generous community distributions, Pudgy Penguins—originally built on Ethereum—has strategically chosen to launch its token on Solana, currently the most vibrant chain. Given liquidity and trader sentiment, launching a cartoon-themed NFT project like Pudgy Penguins on the meme-fueled Solana network is undoubtedly a smarter move for driving initial price momentum.
How Are Other Legacy NFTs Performing?
Bored Ape Yacht Club
Current floor price: 20.7888 ETH
Historical highest average sale price: 340 ETH
90-day average price: 14.21 ETH
90-day trading volume: 20,409 ETH
As one of the most mainstream NFTs, BAYC has long been criticized during the bear market for failing to evolve. Indeed, after its sky-high sales and token launch in 2021–2022, the Bored Ape series hasn’t delivered significant innovation. In October, Apechain launched a meme-driven pump campaign, temporarily boosting BAYC’s trading volume. However, interest quickly faded, and activity dropped again—only recently recovering alongside the broader market rebound.
Milady Maker
Current floor price: 6.53 ETH
Historical highest average sale price: 7.11 ETH
90-day average price: 4.63 ETH
90-day trading volume: 10,756 ETH
Milady, though relatively low-key, boasts a strong community and has maintained an uptrend. Its average floor price has already surpassed levels seen during Elon Musk’s May last year when he promoted Milady-themed memes—a key moment that previously drove attention. With ETH now nearing $4,000, Milady’s dollar-denominated price has more than doubled from its prior peak.
Azuki
Current floor price: 6.1 ETH
Historical highest average sale price: 40.77 ETH
90-day average price: 5.222 ETH
90-day trading volume: 8,026 ETH
Azuki’s current floor price stands at 6.1 ETH, still far below the 16 ETH average seen in June 2023 following community FUD and a cliff-like drop. Clearly, this isn’t yet a full “recovery”—rather, the price rise is largely riding the broader market upswing.
Mad Lads — Solana
Current floor price: 43.5 SOL
Historical highest average sale price: 173.58 SOL
90-day average price: 45.47 SOL
90-day trading volume: 59,345 SOL
As a flagship project on Solana, Mad Lads has benefited from numerous airdrops, receiving significant allocations from projects like Wormhole and Backpack. However, affected by the overall sluggishness in Solana’s NFT ecosystem, Mad Lads’ price declined steadily after its March highs. Recently, with improved market conditions, prices have started to rebound.
Summary
Announcing a token launch on Solana—the most liquid chain—at a time when ETH is hitting new highs and market sentiment is positive, Pudgy Penguins’ strategy appears sound. Market reaction confirms this: the price response shows clear investor approval.
However, $APE’s price trajectory over recent years shows that launching a token isn’t a magic fix for NFT projects. To prevent token issuance from becoming merely a final cash-out event for founders, long-term success depends on how teams manage price stability and build real utility for the token. One thing is certain: whether for NFTs or any legacy project seeking revival, aligning with trends and staying close to the market is the essential playbook for surviving and thriving in this bull cycle. For investors, no matter how grand the promises, maintaining vigilance and making calm, well-informed decisions remains the key to survival in the bull market.
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