Investors Are Betting Big In NFTs – An Investor Has Just Bought 27 Pudgies & 83 Lil Pudgies

Updated: 16 January 2024

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The non-fungible token market has gone mainstream again, with crypto investors betting big on NFTs and new NFT start-ups cropping up daily. The NFT market experienced a similar hype in late 2021 after a strong crypto community invested millions of dollars in various non-fungible tokens.

Investors Are Betting Big On NFTs In 2024

In a January 16 blog post, NFTstats.eth, the Director of Research at Proof Collective, shared that a single crypto wallet has just bought 27 Pudgy Penguins, 83 Lil Pudgies and 30 Pudgy Rods NFT collections. The unusual buy showcases that NFTs are back in action, and investors are willing to stake high in NFTs this year, 2024.

A single wallet bought 27 pudgies, 83 lil pudgies and 30 rods today. Over $1,000,000 on the Pudgy eco.

🧊🐧🔥

ht @vangoyaa pic.twitter.com/lKGFhwPbnC

— NFTstats.eth (@punk9059) January 15, 2024

Non-fungible tokens had a historic breakout in 2021 and accelerated up to sometime in mid-2022. Since then, the NFT market has faced a brutal comedown that left the majority of NFTs nearly worthless while pushing many NFT projects to slash their workforce.

Fortunately, the NFT market saw a short rebound in November last year following the resurgence of Bitcoin BRC-20 NFTs, Bitcoin Ordinals and new Solana-based NFTs. The resurgence left Ethereum losing its initial NFT market dominance to Bitcoin for the first time in crypto history.

The NFT market started the New Year 2024 bullish, experiencing a short market rally fueled by recent Bitcoin Exchange Traded Funds hype alongside other market factors. It’s worth noting that the general crypto market reached a remarkable milestone after the United States Securities and Exchange Commission granted nine firms approval to trade Bitcoin “BTC” as stocks.

Pudgy Penguins And Lil Pudgy Surge +150% In Sales Volume

Following the recent bulk sales, Pudgy Penguins, an NFT collection with a fixed supply of 8,888 cute Penguins birds hosted in the Ethereum blockchain network, has surged 169% in sales. In the past 24 hours, Pudgy Penguins has amassed a trading sales volume of $1.6 million.

Source: CryptoSlam.io, Pudgy Penguins NFT Trading Activity

On the other hand, Lil Pudgy, an NFT collection that features a limited edition of 22,222 Ethereum-based NFTs originating from Pudgy Penguins, has surged 258% following the recent bulk sales. In the past 24 hours, Lil Pudgy NFT collection has amassed a trading sales volume of $554,927.