The Flippening: Part 2 🐒
Bitcoin NFTs are on fire!
One of the most popular collections, NodeMonkes, is heating up the charts, along with other inscriptions such as Bitcoin Puppets and Bitcoin Wizards.
Featuring 8-bit styled monkey avatars in various costumes and accessories, the floor price of NodeMonkes has risen from 0.4 BTC (~$20,700) to 0.88 BTC (~$56,000).
In fact, the rising popularity of Bitcoin NFTs has resulted in Magic Eden becoming the top NFT marketplace by volume today with $51M, close to double Blur's volume.
In fact, they have even surpassed the floor price of the cuddly Ethereum-based Pudgy Penguins NFTs, which fell last week by 22.1% from 18.9 ETH (~$58,700) to 14.72 ETH (~$51,000).
In fact, over 20 Pudgy Penguins and nearly 50 Lil Pudgys were sold into bids on Blur today, which were mistakenly assumed to be whales sweeping the floor.
However, it seems that the plunge in floor prices might not have been an accident.
There is speculation that holders of NFTs from the Pudgy Penguins ecosystem would potentially be included in the LayerZero token airdrop and that the snapshot had already been taken.
While this may not be so farfetched, considering that several of LayerZero's team members are part of the Pudgy community, this would mean that certain information about the token drop may have been leaked.
Editor's Take:
After the Penguins' massive runup throughout 2023 up to now, it should be expected that such a pullback would happen, with holders willing to take profits to chase better plays. Even as the timing seems a little suspicious, a more reasonable answer would be the rotation of NFT holders out of Ethereum and into Bitcoin Inscriptions as the ecosystem re-enters the limelight once more.
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