Recently, the price of PENGU has stabilized, and the NFT market is gradually returning to a rational price range. I am paying attention to these dynamics every day to find the right time to buy.

Speaking of which, I really missed a great opportunity with the NFT of Fat Penguin. In the last round of bear market, I saw the new team making continuous progress, so I chose to buy a few at a low point. At that time, its price once rose to 11 ETH. After analysis and many considerations, I think that although its price has risen, it is unlikely that the price of Fat Penguin will rise further without the strong push of the market. So, I chose to sell it at a high point and pledge ETH instead.

However, what I didn't expect at all was that the subsequent coin issuance expectations pushed the price to soar rapidly, from 12 ETH to 30 ETH. After the airdrop, the price fell back to 17 ETH, as if it was a dream.

Looking back at this wave of NFT market conditions, although it is somewhat similar to the market correction after Yuga's coin issuance, the market logic behind them is different. In the last round of NFT bull market, Yuga's coin issuance gave the market an asset that could replace its value, which led to the emergence of ApeCoin, splitting most of the NFT market's trading volume, and the rise of Blur also exacerbated this trend. In contrast, in this round of the market, although many NFT projects disappeared, they were reactivated by speculators through coin issuance or other means.

For example, after the Fat Penguin's callback, the price of Azuki remained strong. The reason is that most people who bought Azuki obviously had high expectations for its upcoming coin issuance, while the prices of other NFTs that have not issued or have already issued coins remained basically stable. For real collectors, this means that they can buy back at a low price when the market adjusts and gradually realize profits after future coin issuance.

As for the potential of PENGU, in addition to Wintermute as an open market maker, Fat Penguin also announced that it would launch its own public chain Abstract, which will become a chain for super applications, and it is likely to focus on building infrastructure and guiding surrounding resources to join, just like Ronin or Hyperliquid. Although it is not clear whether PENGU will be used as the Gas token of this public chain, considering that PENG