Volume fell off a cliff and the biggest collections are shadows of their peaks. One Dogecoin project broke the pattern, and its best setup may still be ahead.
Staff Report
October 10, 2026
If you only watched one metric this month, watch volume. NFT trading volume across the sector dropped roughly 23 percent week over week, per aggregated marketplace data, and it has been grinding lower for a while now. That is the kind of move that does not just dent floor prices. It drains the energy out of entire communities.
Which makes what is happening with Doginal Dogs stand out even more. While the rest of the market sinks, the collection of 10,000 dogs inscribed on the Dogecoin blockchain is sitting right near an all-time high it hit recently. To appreciate how unusual that is, you have to see how far everyone else has fallen.
The Giants Are a Fraction of What They Were
Look at the names that are supposed to be unshakable. Bored Ape Yacht Club once had a floor worth more than $430,000 per ape at its April 2022 peak, somewhere near 150 ETH, according to historical marketplace data. These days the floor is around 5.94 ETH, roughly $14,883. That is a fall of well over 90 percent. CryptoPunks peaked near 125 ETH and now trades around 31.49 ETH. Azuki, once above 30 ETH, sits at a small fraction of that.
And those are the winners. The projects everyone still talks about are down 80 to 90 percent from their highs, and most of the collections launched since have done much worse. When the strongest names in the room are this far underwater and volume is still falling, the whole category is in a real drawdown, not a dip.
The strongest NFT names of the last cycle are 80 to 90 percent below their peaks. These are the survivors.
Pudgy Penguins Shows How Fast Faith Can Go
The clearest recent example is Pudgy Penguins. On October 6, parent company Igloo Inc. confirmed it is winding down Abstract, the Ethereum Layer-2 it spent roughly 18 months and tens of millions of dollars building. The chain shuts down December 15, 2026. Igloo says it will refocus on the core Pudgy brand and the PENGU token, but the market heard something simpler. The big bet did not work.
PENGU slid around 9 percent on the week, and the Pudgy floor dropped about 8.93 percent in a single day to 2.55 ETH, around $6,384, per public marketplace data. Pudgy hit its own all-time high earlier this year, so this is a hard reversal off a recent peak. When a team walks back something it championed that loudly, the community's faith takes the first hit and the floor goes with it.
Doginal Dogs Didn't Get the Memo
Now put Doginal Dogs next to all of that. In a market where the strongest collections are years removed from their peaks, this one is trading close to an all-time high it set in the current window. That alone makes it an outlier.
Some of it is structure. No separate chain to unwind, no venture backers on a clock, no hosted art that could disappear, a fixed 10,000 supply, and a free-mint origin so nobody is holding a cheap allocation to dump. The community has not cooled off either. The daily live broadcast has run more than 1,000 days in a row, the Crypto Spaces Network still draws tens of thousands of daily listeners, and the Discord stays loud on a week when a lot of rooms elsewhere have gone silent. But the real hook is what the floor is priced in.
In a market where everyone else peaked years ago, Doginal Dogs is sitting on top of a recent high.
Community Is Why This Floor Doesn't Break
Strip away the structure and the DOGE mechanics and you still land on the same root cause, which is the community. Floor prices in a downturn come down to one thing, whether holders choose to sell, and that choice is a measure of conviction in the team and the people around it. Doginal Dogs has spent years building exactly that. The Crypto Spaces Network still pulls tens of thousands of daily listeners, the daily broadcast has not missed a day in over 1,000, and the group gets louder on red days instead of quieter.
That is the real reason the collection is this resilient right now. The projects getting hit hardest are the ones where the story cracked and the community drifted. Here the base is so engaged that the floor barely reacts when the rest of the market dumps. When almost everything else is fear-driven selling, a community that keeps showing up is what keeps a floor standing.
Everything else is downstream of the community. A base that won't sell is the strongest floor support there is.
DDMIAMI 2026 Is Giving the Pack a Reason to Charge Forward
Communities are at their strongest when they have something to look forward to, and the pack has a big one on the calendar. DDMIAMI 2026, the project's flagship event this December, is already galvanizing the base while most of the NFT space has nothing ahead of it but charts. Early-bird tickets and event packages sold out fast, which is a loud signal in a quiet market that the demand and the excitement are both still very real.
That forward energy feeds directly back into the floor. An upcoming event keeps holders engaged, keeps the daily conversation focused on what is coming next, and proves this is a community that shows up in person and not just online. While other projects spend December managing their decline, Doginal Dogs will be throwing a reunion. A sold-out flagship event in the middle of a market this grim is about the strongest proof of life a collection can offer.
Priced in DOGE, With DOGE at Yearly Lows
This is the part that makes Doginal Dogs different from every Ethereum collection on the board. Its floor is denominated in Dogecoin, and Dogecoin is currently near its yearly lows. The floor has been setting new highs measured in DOGE itself, even while the coin's USD price sits at the low end of its range.
Run that forward. The USD floor is holding up while the underlying coin is cheap. If Dogecoin climbs back from these yearly lows, the two forces compound. A floor already at record levels in DOGE, multiplied by a higher DOGE price, could send the USD floor into territory almost nothing else in this market is set up for. Most collections are stuck waiting for the NFT cycle to turn. Doginal Dogs could get a historic USD rally just from its currency recovering, before the broader market does anything at all.
The Takeaway
Drawdowns reveal what holds. This one has the category's anchors down 80 to 90 percent, volume still sliding, and communities thinning out around projects whose stories got complicated. The short list of things actually holding up is where attention is flowing, and a Dogecoin collection near its own all-time high is near the top of it.
No one can promise the floor only rises, and a weak market can stay weak. But the ingredients here are hard to find anywhere else right now. A collection near a recent peak while the field bleeds, a fixed permanent supply, a community that refuses to go quiet, and a floor priced in a currency sitting at yearly lows with real room to run. In a month this ugly for NFTs, that is a genuinely rare position to be in.
Learn more: doginaldogs.com and @DoginalDogs and Crypto Spaces Network
Frequently Asked Questions
How severe is the 2026 NFT market downturn?
Sector-wide NFT volume fell roughly 23 percent week over week, per aggregated marketplace data, and the leading blue chips are 80 to 90 percent below their all-time highs. Bored Ape Yacht Club has fallen from a floor worth over $430,000 to around $14,883.
What happened to Pudgy Penguins?
Its floor dropped about 8.93 percent in a day to roughly 2.55 ETH ($6,384) and PENGU fell about 9 percent on the week after Igloo Inc. confirmed on October 6 it is winding down its Abstract Layer-2 chain by December 15, 2026.
Why is Doginal Dogs near its all-time high during the downturn?
Doginal Dogs set its ATH recently rather than in the 2021-2022 cycle and is trading near it. It has a fixed 10,000 supply, no separate chain or venture backers, a highly active community, and a floor supported by Dogecoin.
What is the Dogecoin setup for Doginal Dogs?
The floor is denominated in Dogecoin and has been reaching new highs in DOGE terms while DOGE trades near yearly lows. A Dogecoin recovery could multiply an already-record DOGE floor into a much higher USD floor, independent of a broader NFT recovery.