Pudgy Penguins NFTs are taking the Web3 world by storm, with the floor price just going above $103,000 for the first time ever to surpass the value of Bitcoin. Fueled by the anticipation of the token airdrop on Solana called PENGU, the collection is now the second most expensive profile picture (PFP) NFT project out there, beating even the iconic Bored Ape Yacht Club.
Previously a withering NFT brand, Pudgy Penguins is now a household name attracting traders and collectors alike. With physical toys and blockchain gaming in the ecosystem, this is the new era of NFT utility and market dominance.
PENGU Token Hype Makes Pudgy Penguins Go Boom
Due to the recent announcement of the awaited PENGU token airdrop, the Pudgy Penguins ecosystem received extreme traction. In the course of 24 hours, the Floor price surged by 20%. It went up to build an all-time high amounting to $103,000; 99% in 7 days.
Notes data from NFT Price Floor says the Pudgy Penguins ecosystem’s growth has been nothing short of remarkable.
PENGU, set to be released before the end of 2024, will have 25.9% of its 88.88 billion token supply allocated to Pudgy Penguins and its companion collections, Lil’ Pudgys and Pudgy Rods. This has caused a frenzy, with collectors and speculators trying to get a piece of the token.
Pre-market trading is already happening on platforms like Whales Market, with PENGU trading between $0.04 and $0.05. With that, the fully diluted valuation (FDV) could be $4.5 billion, putting it alongside AAVE and PYTH.
Pudgy Penguins is Beating Competitors
Pudgy Penguins’ rise has changed the NFT landscape: now the second most expensive PFP NFT project, beating Bored Ape Yacht Club. This kind of growth is a testament to the strong community, innovative roadmap and strategic leadership by Luca Netz.
Since Netz took over this brand in 2022, he did everything with Pudgy Penguins ranging from physical toys for sale at Target and Walmart; to blockchain-enabled video games. He turned Pudgy Penguins from just an NFT collection to a global and well-known Web3 brand.
Netz echoed that the convergence of digital and physical assets is being seen and it is driving mainstream adoption.
Lil’ Pudgys and Pudgy Rods floor price also went up by over 90% in the last week as the PENGU airdrop hype affects the entire ecosystem.
Market Cap and Broader Implications
Pre-market PENGU is hot, with $300,000 in lifetime trading volume on Whales Market. If this keeps up, PENGU might enter the top 100 cryptocurrencies by market cap when it is released.
Pudgy Penguin is showing how NFTs can go beyond collectables and into the larger blockchain ecosystem and consumer market. The project combines entertainment, utility and financial incentives and is a blueprint for future NFT projects.
Conclusion
This PENGU rise simply showcases its great leadership, strategic partnerships and community engagement which, showed quite clearly in the transition of Pudgy Penguin NFTs. Additionally, having recently raised its floor price above Bitcoin’s, it set a new standard in space.
With the PENGU token airdrop getting closer, the Pudgy Penguin ecosystem is getting hotter. Whatever it is, digital collectables, physical products or blockchain integration, Pudgy Penguins is Web3 unlimited.
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