Popular influencer and entrepreneur Gary Vaynerchuk has announced the purchase of a Cool Cats NFT, causing the floor price of the collection to briefly triple in value.
Announced at 2AM UTC on December 16, his purchase signalled a flurry of trading activity that drove the Cool Cats floor price from 0.68 ETH to 1.70 ETH in the space of just 2 hours and 15 mins.
At the time of writing, the Cool Cats floor price has corrected to 1.16 ETH – which still represents a 76.8% increase over the past 24 hours.
What is Cool Cats NFT?
Cool Cats is a collection of 9,999 NFT avatars on Ethereum, based on the Blue Cat character. Each avatar features a unique mix of traits, with differing clothing, hairstyles, accessories and more.
The collection is perhaps best-known for their appearance at Macy’s 2023 Thanksgiving Day Parade – watched by over 30 million people worldwide – their serialised manga that began in July 2024, and their Titmouse-produced animated series The Milk Chug, which is currently part-way through Season 1.
As with many so-called “legacy blue-chip” NFT collections, Cool Cats has seen a revival in the past few weeks, rising from 0.22 ETH on November 28 to 1.70 ETH at the peak of this latest boom.
Why is the floor price of Cool Cats NFTs rising?
Although Gary Vaynerchuk’s purchase was the spark behind the latest explosion in trading activity, Cool Cats – alongside with many popular, tenured NFT collections – has seen a price revival in recent weeks.
Spurned on by Trump’s election victory, Bitcoin hit $100,000 USD for the first time on December 5. Investors quickly looked towards other assets, with Ethereum and Solana seeing encouraging rises, before these funds filtered into top NFT collections.
Over the past 30 days, 47 of the top 50 NFT collections (as listed by NFT Price Floor) have seen an increase in floor price. The most high-profile of these is Pudgy Penguins, rising 225% to 32.49 ETH upon the announcement of their upcoming $PENGU token.
Bullish on web3. Competitive soul.