Pudgy Penguins has overtaken BAYC to become the second-largest NFT collection, driven by excitement over its upcoming token launch.
Renowned NFT collection Pudgy Penguins has climbed past Bored Ape Yacht Club (BAYC) to claim the position of the second-largest NFT collection by market cap. Recent data from CoinGecko suggests that the floor price of Pudgy Penguins climbed 8.4% in the past day to reach 22 Ether, worth around $85,200. Over the past seven days, the project recorded a staggering 44.3% increase in value, sending its market capitalization to $770 million.
BAYC, which held the second spot for an extended period, now trails slightly behind with a market capitalization of $760 million. Notably, the first position remains firmly in the grasp of CryptoPunks, whose market capitalization currently stands at $1.5 billion.
The rise in Pudgy Penguins’ valuation comes in the wake of last week’s announcement regarding the impending launch of its official token Pengu. Slated to debut on the Solana blockchain, the cryptocurrency will have a total supply of 88.9 billion. A generous 25.9% of this supply is earmarked for the Pudgy Penguins community, reflecting the project’s dedication to rewarding its loyal base.
About Pudgy Penguins
Pudgy Penguins was launched by a group of university students as a collection of 8,888 unique NFTs on the Ethereum blockchain in August 2021. Each Pudgy Penguin NFT features a chubby cartoon penguin with distinct traits, such as clothing and background.
However, with time, it has evolved far beyond digital art. The project has diversified into physical products with its highly successful Pudgy Toys line. These plushies, figurines, and other collectibles inspired by the NFT series are sold at major retailers, including Walmart, Amazon, and Target. According to project CEO Luca Netz, Pudgy Penguins saw over 20,000 unit purchases over the initial two days of the Pudgy Toys debut.
Along with expanding its brand into retail, Pudgy Penguins also introduced Pudgy Kindness, an initiative aimed at celebrating individuals who promote empathy and authenticity. This program has further solidified the collection’s ethos of fostering community, further fueling its growth.
NFT Market’s Recent Growth
Despite a broader NFT market downturn in 2024 in comparison to its 2022 peak, trading volumes have shown signs of recovery. Ethereum-based NFT trading surged to $91 million in the week of December 1–8, a sharp rise from $56.6 million the previous week. Global NFT sales volumes also climbed 3% to reach $173 million, the highest level since mid-November.
This resurgence comes even as the US Securities and Exchange Commission (SEC) tightens its scrutiny of NFTs. Enforcement actions against projects like Impact Theory have highlighted the risks of non-compliance with securities laws. In response, Pudgy Penguins CEO Luca Schnetzler previously dismissed the SEC’s recent moves as “nonsense”.
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