Ethereum NFT volume hits $186 million weekly high, driven by PENGU token launch-

Ethereum NFT trading volume surged to $186 million last week, reaching a three-month high and marking a 67% increase from the previous week's $111 million. 

This growth contrasts with NFT activity on other chains. Bitcoin, the second-largest NFT ecosystem, records only $33 million in weekly volume.

The Pudgy Penguins collection emerged as the primary catalyst for this surge following its $PENGU token launch. The collection generated $108 million in trading volume, with individual penguins trading higher than 29 ETH before experiencing a sharp decline after the token's issuance.