Pudgy Penguins Soar Past BAYC to Become Second-Largest NFT Collection

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As a seasoned crypto investor who witnessed the rise and fall of several digital assets, I must admit that the surge of Pudgy Penguins has piqued my interest. Having closely followed the NFT market since its inception, I’ve seen projects come and go, but few have managed to carve out a niche as impressively as Pudgy Penguins.

The popular NFT series Pudgy Penguins has surpassed Bored Ape Yacht Club (BAYC) to take the second-largest spot among NFT collections by market cap. Data from CoinGecko indicates that the lowest price of a Pudgy Penguin rose 8.4% in the last day, hitting approximately 22 Ether or $85,200. Over the past week, the project has experienced an impressive 44.3% rise in value, elevating its market cap to about $770 million.

previously holding the second highest position for quite some time, BAYC has slipped slightly behind now, with a market cap of approximately $760 million. It’s important to note that the top spot is still strongly held by CryptoPunks, whose current market cap is a substantial $1.5 billion.

As a proud crypto investor in Pudgy Penguins, I’ve been thrilled to witness the surge in its valuation lately. This uptick can be directly attributed to last week’s exciting announcement about the forthcoming launch of their official token, Pengu. Set to debut on the Solana blockchain, this new cryptocurrency will boast a total supply of 88.9 billion tokens. What makes this news even sweeter is that an impressive 25.9% of this total is reserved for the dedicated Pudgy Penguins community, underscoring the project’s commitment to rewarding its loyal followers.

About Pudgy Penguins

A team of college students unveiled Pudgy Penguins back in August 2021, which is a set of 8,888 exclusive, one-of-a-kind digital items known as NFTs (Non-Fungible Tokens) on the Ethereum blockchain. Each Pudgy Penguin NFT showcases a plump animated penguin character with individual characteristics like clothing and backdrop.

Initially starting as a digital art project, it has since expanded into various physical products, most notably its successful Pudgy Toys line. These include plushies, figurines, and other collectibles based on the NFT series that are now available at major retailers like Walmart, Amazon, and Target. As stated by CEO Luca Netz, over 20,000 units of Pudgy Penguins were sold within just the first two days after the introduction of Pudgy Toys.

Besides venturing into retail, Pudgy Penguins additionally launched Pudgy Kindness – a project that honors people who champion empathy and sincerity. This program has strengthened the brand’s identity, rooted in nurturing community, thus driving further expansion.

NFT Market’s Recent Growth

2024 saw a decline in the NFT market compared to its high point in 2022; however, recent trading activity indicates a recovery. In just one week, Ethereum-based NFT trades skyrocketed to $91 million, significantly higher than the previous week’s $56.6 million. Furthermore, global NFT sales volumes increased by 3%, reaching an impressive $173 million—the highest since mid-November.

The renewed surge in NFTs occurs concurrently with the US Securities and Exchange Commission (SEC) intensifying its examination of these digital assets. Actions taken against ventures like Impact Theory serve as a reminder of the potential dangers associated with non-compliance with securities regulations. Previously, Luca Schnetzler, CEO of Pudgy Penguins, had dismissed the SEC’s recent actions as “irrelevant”.

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2024-12-09 13:24