Key Takeaways
- Ethereum-based NFT collection Pudgy Penguins has surpassed Bitcoin’s ATH after its floor price hit 27 ETH ($105,720). Last week, its price skyrocketed by 45% to surpass Bored Ape Yacht Club (BAYC) in market cap to be ranked as the second-largest NFT collection in the world, with a valuation upwards of $770 million.
- Pudgy Penguins’ price has surged by nearly 200% over the past month after the team announced that they will be launching an ecosystem token, called $PENGU, by the end of the year.
- $PENGU coin will be released on the Solana blockchain, underscoring the project’s commitment to exploring opportunities across multiple blockchains. Its supply will be capped at 88.888 billion tokens. However, the Pudgy Penguin NFT collection will remain on Ethereum.
Pudgy Penguins, an Ethereum-based NFT collection, has hit an all-time high valuation after its floor price surpassed $100,000 on Thursday, beating Bitcoin’s (BTC) price of $101,000. The collection has been on an upward trajectory since crossing its previous ATH of $62,000 from 2022 last week.
Pudgy Penguins NFT’s Floor Price Soars Above $100,000, Surpassing Bitcoin
Earlier today, Pudgy Penguins hit a new peak price of 27 ETH, equivalent to $105,720 at Ether’s current market rate. For comparison, BTC is trading at approximately $100,888 at press time. This record-breaking run has now ranked the project as the second-largest NFT collection, only behind CryptoPunks, which has a floor price of 39.5 ETH ($154,310).
Floor price refers to the lowest price at which any NFT from a particular collection is currently listed for sale on marketplaces. This metric serves as a crucial indicator for NFT buyers and sellers, providing them with key insights into the minimum investment required to acquire the digital collectible from a specific project.
Last week, the price of Pudgy Penguins skyrocketed by 45%, pushing its market capitalization to a rather impressive $772.5 million. This resulted in the famed collection surpassing the Ethereum-based Bored Ape Yacht Club’s (BAYC) $755 million market cap. CryptoPunks remains the outright leader in the NFT market, with a valuation of $1.5 billion.
Pudgy Penguins consists of 8,888 unique digital collectibles themed around penguins, where each NFT is crafted from over 150 hand-drawn traits. The NFTs have distinct characteristics, such as clothing, accessories, and background, which contribute to their rarity and appeal to collectors. The digital collectibles were launched on the Ethereum network in July 2021.
Pudgy Penguin Team Announces $PENGU Token, Expected To Be Launched By The End of 2024
As per data by CoinGecko, the NFT collection has been experiencing a massive buying spree recently, with its price soaring by 194% over the past month. This surge also coincides with the team announcing the upcoming launch of its native ecosystem token, $PENGU, on the Solana (SOL) blockchain. While the exact release date has not been revealed, the token is expected to be listed on exchanges by the end of the year.
According to the team, $PENGU will have a total supply of 88,888,888,888 tokens. The cryptocurrency’s launch will mark another significant milestone for the project as it expands its cross-chain functionality. While the NFT collection remains on Ethereum, the team’s decision to release PENGU on Solana underscores its commitment to leveraging the opportunities across multiple blockchains.
In an X post detailing PENGU coin’s tokenomics, it is stated that 25.9% of the supply will be distributed to the Pudgy Penguins community, and 24.12% will be allocated to other communities and new Penguin holders, otherwise known as “Huddle” members.
Team members now and in the future will get 17.8% of the PENGU supply, but there is a one-year cap and a three-year vesting term. Pudgy Penguins’ owner and CEO, Luca “Netz” Schnetzler, will retain 11.48% of the supply under the same vesting conditions.
At the time of writing, the floor price of Pudgy Penguins is 27.5 ETH – approximately $107,749.
Also Read: VanEck Predicts Bitcoin To Hit $160,000 By Mid-2025
