Azuki NFT Collection Soars as Traders Anticipate ANIME Token

Azuki, one of the largest non-fungible token (NFT) collections focused on profile pictures (PFP), is catching increased attention as tokens linked to NFTs are thrust back into the limelight by the PENGU announcement.

The Azuki collection is now up 25% over the last week, surpassing a 7 ETH floor price, the highest since January when the ANIME token was first teased. Azuki’s secondary collection, dubbed Azuki Elementals, is also up 20% on the news to a 0.65 ETH floor price.

Despite being the darling of the 2021 crypto cycle, many NFT collections have struggled to attract new buyers as attention has shifted towards memecoins. As a result many collections have shifted towards launching both memecoins and utility tokens for their NFT holders.

While some of these tokens are pure memes, such as the $MFER token, for Sartoshi’s MFERs collection, other projects have taken the opportunity to bootstrap their ecosystem’s utility tokens. Memeland’s MEME, despite its name, is its ecosystem’s utility token used for staking and marketplace functions, and Bored Ape Yacht Club’s APE token is now the utility token for its own chain, Apechain.

Utility-Driven Token

It is presumed that ANIME will follow in MEME and APE’s footsteps as a utility-driven token, set to back AnimeChain, which aims to “provide the infrastructure that enables the global anime network to live onchain, governed by creators and participants.”

The price surge comes during a big month for NFTs. Pudgy Penguins formally announced the upcoming release of their official token, PENGU. Since the announcement of PENGU, Pudgy Penguins are up 50% to a 21.5 ETH floor price, and Lil Pudgies are up 63% to a 2.4 ETH floor price.

Milady's CULT Token

The Milady community also launched its official memecoin, CULT on Sunday Dec. 8. They had raised $20 million in a June presale.

CULT quickly reached nearly a $900 million fully diluted valuation (FDV) shortly after launch. The token is now trading at a $650 million market FDV, or a $270 million market capitalization. Early presale contributors are up multiples on their investment.

Despite the success of CULT, Milady NFTs are down 23% in the last day as some holders treated the CULT airdrop as an exit opportunity for their investment.

Yuga Labs’ APE is the largest NFT token by market capitalization, changing hands at a $1.1 billion market capitalization, while Memeland’s MEME trades at a $460 million market capitalization.