Pudgy Penguins NFT Prices Surpass Bored Ape Yacht Club on Ethereum

In a historic milestone, Pudgy Penguins NFTs have outperformed the iconic Bored Ape Yacht Club (BAYC) on Ethereum in terms of price, signaling a shift in the NFT market's dynamics. This surge follows the anticipation of Pudgy Penguins' native token launch, which is expected soon.

Price Breakthrough on Ethereum

As of December 9, Pudgy Penguins' price on Ethereum soared to 21.49 ETH (approximately $83,930), surpassing BAYC’s price of 19.85 ETH (also around $83,930). According to CoinGecko data, this marks a 7.1% increase from the previous day’s price of 19.85 ETH. The trading volume also saw a significant uptick, nearly doubling to 2,653 ETH in the latest trading session.

The rise in Pudgy Penguins’ value coincides with the announcement of their native token, $PENGU, which is set to launch on the Solana (SOL) blockchain. This token is expected to further enhance the project’s ecosystem and community engagement.

Tokenomics and Supply Details

The team behind Pudgy Penguins, Igloo Inc., has announced plans to release 88 billion $PENGU tokens. The allocation strategy includes 25.9% for the community, another 24% for a separate community pool, and 11.48% for the company itself. This balanced distribution aims to foster long-term growth and widespread adoption within the ecosystem.

A Viral Phenomenon

Pudgy Penguins have become a viral sensation, garnering millions of followers and billions of views globally. The NFT collection, comprising 8,888 unique penguin-themed digital artworks, has seen its market cap climb to 188,569 ETH following the recent price surge. This puts it within striking distance of BAYC’s market cap of 196,101 ETH.

With its current momentum, Pudgy Penguins is on track to challenge its previous all-time high of 22.9 ETH, achieved on February 17. The collection’s increasing popularity underscores its growing appeal among collectors and investors alike.

Building the Future with Cubed Labs

To capitalize on its success, Pudgy Penguins has secured $11 million in funding to develop a new Layer 2 project under the venture Cubed Labs. This initiative aims to drive mass cryptocurrency adoption by taking a user-centric approach to building abstracted blockchain solutions. The project’s testnet is expected to launch soon, paving the way for the next wave of consumer-focused crypto products.

Conclusion

The rise of Pudgy Penguins reflects the evolving landscape of the NFT market, where innovative projects continue to captivate the imagination of collectors and investors. With its native token launch on the horizon and ambitious plans for expansion, Pudgy Penguins is poised to solidify its position as a major player in the NFT ecosystem.