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On-Chain Insights: Pudgy Penguins and Memecoins
Key Takeaways
2 min read
  • Pudgy Penguins has seen a price increase on the collection with interest from Smart Money buyers following the seed round announcement.
  • The memecoin craze continues as large DEX buys continue to be dominated by them - including SPONGE and TURBO.
  • Besides memecoins, other significant DEX buys include SNX.

Pudgy Penguins

  • The floor price of the collection has increasing by ~10% in the past 24h.
  • This is probably attributed to the announcement of the project’s $9.0m seed round, led by 1kx. The round included other prominent investors such as the founder of LayerZero, Shima Capital, Kucoin and Coingecko.
    • The top holder of the NFTs - Big Brain Holdings, was also one of the investors. The wallet holds 135 Pudgy NFTs.
  • There has been strong Smart Money accumulation for May 7 onwards, possibly trying to front-run the news.
    • [Smart NFT...