CARNAGE:
MAXIMUM
MARKET CARNAGE

Card #84 · 2025 Topps Marvel Comic Book Heroes · CBH Market Intelligence

Card Number

First Appearance

Current PSA 10 ($)

% Gain (90 Days)

⚠ MARKET ALERT — APRIL 2026

Carnage PSA 10 values have risen 34% in the last 90 days, outpacing Venom (+18%) and Doctor Doom (+12%) over the same period. The catalyst: confirmed Carnage appearance in the upcoming Venom 3 post-credits scene and active development of a standalone Carnage MCU project. CBH Intelligence rates this card Accumulate at current prices with a 6-month target of $65–$80 PSA 10.

THE SYMBIOTE HIERARCHY

Carnage occupies a unique position in the symbiote card ecosystem. Venom (card #84 in the previous set, now card #28 in the 2025 set) is the parent symbiote — the original, the most recognized, the one with the deepest card history. But Carnage is the escalation. Where Venom is a complex anti-hero, Carnage is pure chaos. That narrative distinction drives collector behavior: Venom collectors often cross-collect Carnage as the natural complement to their Venom holdings.

Carnage's first appearance in Amazing Spider-Man #344 (1991) — technically a cameo as Cletus Kasady — followed by his full debut in ASM #360 (1992), places him firmly in the 1990s boom era of Marvel comics. This is significant for the 2025 Topps set because the 1990s era is the primary nostalgia driver for the 35–50 age demographic that dominates the current trading card market.

"I am the ultimate insanity. I am Carnage!"
— Cletus Kasady, Amazing Spider-Man #361 (1992)

THE VENOM CORRELATION

Carnage card values have historically tracked Venom card values with a 3–6 month lag. When Venom's first solo film was announced in 2017, Venom cards appreciated 40% in 90 days. Carnage cards followed 4 months later with a 28% appreciation. When Venom: Let There Be Carnage was announced in 2020, the correlation tightened: Venom cards rose 55%, Carnage cards rose 48% — nearly simultaneous.

For the 2025 Topps set, this correlation is already playing out. Venom's base PSA 10 has moved from $28 to $42 since the set's release. Carnage has moved from $33 to $45 — slightly outpacing Venom, which CBH Intelligence attributes to the confirmed MCU Carnage development timeline being more concrete than Venom's next project.

⚡ CARNAGE PARALLEL VALUES — CURRENT MARKET

Parallel	Print Run	PSA 10 Range	CBH Rating
Base	Unlimited	$35–$55	Accumulate
Silver Foil	Unlimited	$50–$80	Buy
Gold	/50	$160–$260	Strong Buy
Red Foil	/10	$420–$640	Hold
Blue Wave	/25	$220–$360	Buy
Purple Refractor	/5	$700–$1,100	Trophy Piece
Cosmic Foil	1/1	$2,500+	Grail Asset

KEY ISSUES: THE CARNAGE ECOSYSTEM

The Carnage key issue ecosystem is smaller than Venom's but more concentrated in value. The three issues that matter most to serious collectors are: Amazing Spider-Man #344 (first Cletus Kasady, CGC 9.8 ~$180), Amazing Spider-Man #360 (first full Carnage, CGC 9.8 ~$320), and Amazing Spider-Man #361 (first full Carnage cover, CGC 9.8 ~$450). These three issues form the core of any Carnage-focused collection and serve as leading indicators for the trading card market.

When ASM #361 CGC 9.8 copies trade above $500 — which they have done twice in the last 18 months — Carnage trading card values have followed within 60–90 days. The current ASM #361 market is at $420–$480, suggesting the next trading card appreciation wave is 2–3 months away.

COLLECTOR STRATEGY

CBH Intelligence recommends a two-tier Carnage strategy for the 2025 Topps set. Tier 1: acquire 2–3 raw base copies for PSA submission, targeting PSA 10. The current PSA 10 premium is 3.8x raw price — strong ROI at the $25 Economy submission tier. Tier 2: if budget allows, acquire one Gold parallel (/50) in raw condition and submit immediately. Gold PSA 10 copies are trading at $160–$260 with strong upward momentum.

Avoid the Red Foil (/10) at current prices unless you are a dedicated Carnage collector. The print run is too small to establish reliable price discovery, and the bid-ask spread is wide. Wait for 3–4 PSA 10 Red Foil sales to establish a true market price before committing capital.

COLLECTOR NETWORK