Behind the surge of Pudgy Penguins and Bored Ape: NFT market faces "bloated" crisis, with trading volume and user count halved

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NFTs have recently experienced a surge in momentum, and for investors closely monitoring market quotes, it seems as though the market has returned to a flourishing spring. However, a look at on-chain transaction data suggests that this rebound is driven more by "a few funds pushing up prices" rather than a broad market recovery. This rally is led by Bored Ape Yacht Club (BAYC) and Pudgy Penguins. The floor prices of these two blue-chip NFT projects have recorded double-digit gains in recent weeks, with token prices rising in tandem. Yet, despite this seemingly lively comeback, the actual number of buyers entering the market remains sparse. Taking Pudgy Penguins as an example, the floor price has now surpassed 5 ETH, with a weekly gain of over 20%. Over the past 7 days, it has accumulated approximately 201 transactions, with a trading volume nearing 1,000 ETH. On the other hand, the floor price of BAYC has soared by 81% over the past 30 days, staging a strong rebound from its previous lows. In the NFT market, the floor price is a key indicator closely watched by investors, representing the cheapest listing currently available. For instance, if the cheapest Pudgy Penguins NFT on the market is priced at 5.38 ETH, that is the floor price for the collection. Generally, an increase in the floor price implies that buyers are willing to pay more to enter the market; conversely, a decline suggests that holders are rushing to sell and exit. **Shrinking Liquidity Pools and "Halved" Player Activity** However, behind the glory of top-tier projects leading the rise, the market structure of NFTs reveals underlying concerns: overall participation is shrinking significantly. According to statistics from the on-chain data analysis platform CryptoSlam, global monthly NFT sales have plummeted from $304 million in February of this year to approximately $175 million in April. During the same period, both the total number of transactions and the number of active users have been "halved." Meanwhile, the average transaction price of NFTs has doubled, rising from $30.6 in March to $67.38 in April. These two seemingly contradictory sets of data actually reflect the same phenomenon: the market has not seen a comprehensive return of buying interest; instead, an increasingly shrinking pool of capital is highly concentrated in a few high-priced blue-chip NFTs. **Varying "Quality" of Buying Power; Retail Investors Still "Trapped"** Even among top-tier blue-chip NFT projects, the structure of buying power varies greatly. While Pudgy Penguins has seen price increases, it has maintained relatively high trading activity, indicating a healthy level of market engagement. In contrast, veteran NFT projects like CryptoPunks, despite having similar weekly trading volumes to Pudgy Penguins, have far fewer transactions, meaning that a few large trades can easily influence the price. Looking at broader market signals, the situation remains mixed. CryptoSlam data indicates that approximately 50% of the current trading volume in the NFT market is still "wash trading." Furthermore, overall trading profits remain negative, which means that despite the recent price rebound, most players are still in a state of being "trapped." Synthesizing the above data, the current NFT market is more akin to "bottoming out and stabilizing" rather than "expanding and exploding." While prices are rising, participants are leaving, and all the heat and capital are crowding into a few top-tier projects. More importantly, over the past month, ETH has risen by about 18%, and BTC has posted a similar gain. In other words, this seemingly NFT-exclusive carnival is largely benefiting from the warming risk appetite in the overall cryptocurrency market. Top-tier NFTs denominated in ETH are simply riding the wave of hot money, rising along with the tide.

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Published:2026-04-27 09:15:16

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