Pudgy Penguins Overtake BAYC, Becomes 2nd Largest NFT Collection

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As a seasoned crypto investor with a knack for spotting promising projects and a penchant for penguins, I must confess that the meteoric rise of Pudgy Penguins has left me rather smitten. The sheer audacity of this lovable NFT collection to overtake the venerable Bored Ape Yacht Club is nothing short of breathtaking.

In simpler terms, the adorable series of Pudgy Penguins NFTs, known for their endearing penguin designs, has surpassed the well-known Bored Ape Yacht Club (BAYC) to claim the second spot in terms of value among all NFT collections.

This significant achievement is a result of a substantial increase in the minimum trading price for Pudgy Penguins, which rose by 8.4% within the past day, amounting to approximately 22.1 Ether or $86,922. Over the last seven days, its value has soared by close to 45%, leading to a staggering market capitalization of around $772.5 million. This figure surpasses that of BAYC’s, standing at $755 million.

Despite CryptoPunks being the most extensive NFT collection valued at around $1.5 billion, it’s clear that Pudgy Penguins are experiencing significant growth in value and popularity.

The increase in worth for Pudgy Penguins is due to the recent news about an imminent token airdrop for them. This project intends to debut its own crypto coin, named “Penguin,” on the Solana blockchain this month. In total, there will be 88.8 billion tokens minted, and the Pudgy community is set to receive approximately 25.9% of these coins, fueling even more anticipation for the project.

Although the NFT market has experienced a slowdown relative to its peak in 2022, there are indications of recovery over the past week. Notably, Ethereum-based NFTs generated a significant trading volume of approximately $91 million between December 1st and 8th. The Pudgy Penguins collection stood out, increasing by 34.3% in value during this period. This collection surpassed other top performers such as CryptoPunks and Mutant Ape Yacht Club, both of which also demonstrated growth.

This achievement is simply a part of the wider metamorphosis experienced by Pudgy Penguins under its new management. Since being taken over by Luca Netz, the brand has grown significantly through strategic retail partnerships and delved into NFT gaming. With an emphasis on continuous innovation, Pudgy Penguins is clearly carving out a lasting niche in the dynamic world of NFTs.

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2024-12-09 12:21