Pudgy Penguins, the prominent NFT collection, has achieved a historic milestone by surpassing Bored Ape Yacht Club (BAYC) to become the second-largest NFT project by market capitalization.
The collection’s floor price surged to an impressive 22.1 ETH ($86,922) in the past 24 hours, marking an 8.4% increase and pushing its total market capitalization to $772.5 million.
This growth has positioned Pudgy Penguins ahead of BAYC’s $755 million valuation, though still trailing behind the market leader CryptoPunks, which maintains a commanding $1.5 billion market cap.
Pudgy Penguins NFT floor price surges 155% in 30 days
The rise of Pudgy Penguins has been marked by exceptional trading activity and sustained growth across multiple timeframes. With a current floor price of $85,264, the collection has demonstrated resilience in the volatile NFT market. Trading volume in the last 24 hours reached 2,278 ETH ($8,794,802), with 102 individual sales completed.
The collection’s performance metrics paint a picture of consistent upward momentum. Over the past week, Pudgy Penguins has recorded an impressive 44.8% increase in value, while the 30-day growth stands at 155.3%.
This sustained appreciation sharply contrasts with the market trends of its competitors, with both CryptoPunks and BAYC experiencing declines of 9.3% and 10.5%, respectively, over the seven-day period.
The project’s market capitalization now stands at $757,827,234 (196,247 ETH), positioning it firmly among the elite NFT collections.
PENGU token launch triggered price surge
The price surge follows last week’s pivotal announcement of Pudgy Penguins’ expansion into the token economy with its upcoming “Pengu” token launch.
The project has chosen the Solana blockchain for its token deployment, signaling a strategic move to use the network’s high performance and lower transaction costs.
The total supply has been set at a precise 88,888,888,888 tokens, with a significant portion – 25.9% – earmarked for distribution to the existing Pudgy community.
This tokenomics structure represents a deliberate effort to reward long-term supporters while creating new opportunities for broader market participation.
The project’s leadership emphasized the inclusive nature of this expansion, noting that “Pengu will bridge the gap between crypto-native collectors and the millions of Pudgy Penguin enthusiasts who interact with the brand daily but haven’t yet entered the Web3 space.”
The timing of the token announcement appears particularly strategic, coinciding with a broader recovery in NFT market sentiment.
How has the NFT market recovered?
The unprecedented success of Pudgy Penguins emerges against a backdrop of renewed vitality in the broader NFT marketplace. Recent data from CryptoSlam reveals a significant uptick in trading activity, with Ethereum-based NFTs recording their highest weekly volume since March.
Between December 1 and December 8, the market registered $91 million in trading volume, representing a substantial increase from the previous week’s $56.6 million.
This resurgence is particularly noteworthy given the market’s trajectory since its 2022 peak. While overall NFT trading volumes remain below historic highs, the current recovery signals a potential shift in market dynamics.
The success of Pudgy Penguins, specifically its ability to outperform established collections like BAYC, suggests a maturing market where fundamental factors such as utility, community engagement, and strategic development increasingly influence valuations.
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