- Pudgy Penguins’ market cap reaches $772.5M, surpassing BAYC’s $755M.
- The upcoming “Pengu” token launch on Solana boosts market excitement.
Pudgy Penguins, a popular non-fungible token (NFT) collection, has surpassed Bored Ape Yacht Club (BAYC) to claim the second-largest market cap in the NFT space. According to CoinGecko, Pudgy Penguins’ market cap now stands at $772.5 million, edging past BAYC’s $755 million. CryptoPunks remains the largest NFT collection, boasting a market cap of $1.5 billion.
The rise in Pudgy Penguins’ value coincides with an 8.4% increase in its floor price over the last 24 hours. The floor price currently sits at 22.1 ETH, approximately $86,922. Over the past week, Pudgy Penguins’ floor price has surged by 44.9%, driving significant interest from the NFT community.
A major catalyst for this growth is the announcement of an official token airdrop. Pudgy Penguins plans to launch a new cryptocurrency, “Pengu,” on the Solana blockchain later this month. The total token supply will be 88.89 billion, with 25.9% allocated to the Pudgy community. The project’s statement highlighted that “millions of Pudgy Penguin fans” and others outside the crypto space now have a chance to align with the project’s vision.
NFT Market Recovery
While the NFT market has slowed significantly since its 2022 peak, recent data shows signs of recovery. Ethereum based NFTs recorded $91 million in weekly trading volume between December 1 and December 8, up from $56.6 million the previous week. This marks the highest trading volume since late March, indicating renewed interest in digital collectibles.
Pudgy Penguins has also benefited from its strategic direction under new leadership. Luca Netz’s acquisition of the project brought significant changes, including partnerships with major retailers and an expansion into NFT gaming. These developments have helped solidify the brand’s position in a competitive market.
In October, the broader NFT market saw an 18% rise in monthly trading volumes, reversing a seven-month decline. Transaction numbers surged, with over 7.2 million transactions recorded during the month. Pudgy Penguins’ performance aligns with this recovery, as it continues to outpace other top NFT collections like Mutant Ape Yacht Club and CryptoPunks in growth.
With its innovative plans and consistent market performance, Pudgy Penguins has secured its place as a leading force in the NFT ecosystem. The upcoming launch of the “Pengu” token is expected to further enhance its market presence.
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