Crypto
crypto
Toby Bochan

Penguins climb over apes in NFT prices

Pudgy Penguins, a once forgotten NFT project, was brought back to life after entrepreneur Luca Netz swooped in and purchased the brand for 750 ethereum (roughly $2.5 million at the time). He then revitalized the project by producing real-life toys, a platform called Pudgy World, and a focus on the avid community of owners, known as “The Huddle.”

Last week, the project announced the launch of a new “master coin,” PENGU, on Solana. A large chunk of the new tokens will be airdropped to owners of the NFTs, which sent the price of the collections soaring.

Prior to the announcement, Pudgy Penguins were the third-largest NFT collection by market cap, below CryptoPunks and the Bored Ape Yacht Club, but now the flightless birds have managed to climb above the apes to take second place, as the floor price broke $100,000 for the first time. As of writing, the floor price for a Pudgy Penguin is roughly $104,000 — or over one bitcoin.

Pudgy Penguins NFTs Surge Above $100K on Solana Airdrop Hype - Decrypt

Pudgy Penguins NFTs Surge Above $100K on Solana Airdrop Hype - Decrypt

Prior to the announcement, Pudgy Penguins were the third-largest NFT collection by market cap, below CryptoPunks and the Bored Ape Yacht Club, but now the flightless birds have managed to climb above the apes to take second place, as the floor price broke $100,000 for the first time. As of writing, the floor price for a Pudgy Penguin is roughly $104,000 — or over one bitcoin.

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crypto
Sage D. Young

Ethereum struggles to hold market gains

After rallying from $1,830 to above $2,100 on Wednesday, ethereum struggled to hold on to its gains and dipped under $2,000, a round psychological price level, on Thursday. 

The seesaw price action helped liquidate $146 million worth of leveraged long and short positions on ethereum in the last 24 hours, data from CoinGlass shows.  

While ethereum was due for a relief rally after entering into oversold conditions as measured by its relative strength index, some are still maintaining a bearish sentiment, according to Delphi Digital analyst Simon Shockey.

With ethereum now trading under $2,000, Shockey called the rally “unconvincing.” He told Sherwood News that he doesn’t “think most crypto natives are compelled to really believe the lows are in,” adding that he could see ethereum fall further from here and make new lows in the second half of the year. 

The price action comes as cofounder Vitalik Buterin has sold $35 million worth of ethereum tokens since the start of February and the paper loss for the largest ethereum treasury firm, BitMine Immersion Technologies, has climbed to nearly $7.9 billion. 

On the positive side, ethereum developers introduced a new road map that involves seven hard fork upgrades by 2029 and several north stars, one of which aims to make ethereum a “post quantum” layer 1 network.

Yaël Bizouati-Kennedy
4h
Bitcoin’s brief bounce doesn’t signal the bottom, analysts warn

With only two days to go in February, the asset is on track to notch its fifth straight month of losses.

Bitcoin ice carving
Yaël Bizouati-Kennedy
2/25/26
Bitcoin gets a positive bounce following State of the Union

“This has been a silver lining, given the tumultuous time crypto markets have had over the past months and weeks, but it does not call for celebration just yet,” one expert warned.

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crypto
Sage D. Young

Crypto industry sees relief bounce in midst of winter

Crypto assets and crypto-adjacent companies are catching a bid and rebounding off recent lows, with stablecoin issuer Circle soaring after reporting strong earnings before the bell. The company beat on revenue and reported that USDC in circulation has grown to $75.3 billion, up 72% year over year.

The total market capitalization of all cryptocurrencies has increased 4.5% in the last 24 hours, and both tokens and companies close to crypto are enjoying a boost:

(Robinhood Markets Inc. is the parent company of Sherwood Media, an independently operated media company subject to certain legal and regulatory restrictions.)

Despite the relief bounce, some are still uneasy. “The whole market still seems very heavy to me,” Glenn Rosenberg, managing partner at Persistent Trading, told Sherwood News. “Jokingly, BTC feels like it’s now 100% correlated to any asset or news that’s negative! I think we test 60,000 — that’s a big long-term channel and could push lower from there,” he said. “The whole [space] looks risky right now.”

Sage D. Young
2/24/26
Ethereum nears key levels as macro repricing weighs on crypto industry

Around $315.6 million worth of leveraged long positions would be liquidated on Hyperliquid if the price of ethereum dropped to $1,350.

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