COINDESK DAILY: PENGU's Volatile Debut Amid Memecoin and NFT Comeback

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4.8 • 689 Ratings

🗓️ 18 December 2024

⏱️ 4 minutes

🔗️ Recording | iTunes | RSS

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Summary

Host Christine Lee breaks down the latest news in the crypto industry from the debut of PENGU to the NFT market's comeback.

Pudgy Penguins' native token PENGU debuted at a $2.3 billion market cap. This comes as the overall NFT market shows signs of recovery, according to a report from Galaxy Research. "CoinDesk Daily" host Christine Lee breaks down the biggest headlines in the crypto industry.

Imagine a blockchain built for you. No wallets, no keys, no hassle—just innovation. Welcome to XION, the first walletless layer-one blockchain purpose-built for consumer adoption.

With XION, developers can build, launch, and scale products that are ready for the masses—no technical barriers for users, thanks to groundbreaking Chain Abstraction. All it takes to join the crypto revolution? An email.

Say goodbye to complexity and hello to possibility. Ready to take the leap? Explore XION today at xion.burnt.com

This episode was hosted by Christine Lee. “CoinDesk Daily” is produced by Christine Lee and edited by Victor Chen.

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Transcript

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0:00.0	NFTs and meme coins are making a comeback, but Pingu buyers, beware of low liquidity.
0:05.9	This is CoinDest Daily. I'm your host Christine Lee.
0:13.7	Imagine a blockchain built for you. No wallets, no keys, no hassle. Just innovation. Welcome to Zion, the first walletless layer one blockchain
0:23.4	purpose-built for consumer adoption. With Zion, developers can build launch and scale products
0:29.1	that are ready for the masses. No technical barriers for users, thanks to groundbreaking chain
0:34.4	abstraction. All it takes to join the crypto revolution? An email. Say goodbye to
0:39.6	complexity and hello to possibility. Ready to take the leap? Explore Zion today at zion.com.
0:46.9	Check out the explosive growth of the meme coin sector, which has now surpassed $100 billion in market
0:52.5	value. Amid the speculative allure, pangu buyers are learning the perils of low liquidity the hard way.
0:58.9	The token of the Pudgy Penguin's ecosystem debuted amid massive hype on Tuesday.
1:03.5	Its charm was its association with an already popular NFT collection, leading to a frenzy of buying with hopes of quick gains.
1:11.8	But the token had not garnered the necessary liquidity at launch, meaning early, enthusiastic buyers bought the token
1:16.9	at a $5 trillion market capitalization. Liquidity is the ability to buy or sell an asset without
1:22.4	causing a significant price change. For Pengu, the initial liquidity pools were shallow,
1:28.0	meaning there weren't enough buyers and sellers to keep the price stable. Pengu market cap now sits at about
1:33.1	$2 billion, down 30% since its debut per coin market cap data. The NFT market is showing signs
1:41.1	of recovery, according to a new report by Galaxy research. NFT volumes had been
1:45.6	declining for most of the year, but began to reverse in November following the U.S. elections
1:50.5	and the ensuing crypto market rally. Galaxy reporting that weekly NFT trading volumes exceeded
1:56.3	$100 million in early November for the first time since May and reached 172 million on December 2nd.
2:03.9	Analyst Gabe Parker writing, quote, this resurgence has been primarily driven by increased activity
2:09.4	among the top 25 collections by market cap with increased participation across leading
	...

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