Pudgy Penguins, a collection of 8,888 Ethereum-based NFTs, has witnessed an astonishing surge in its floor price, breaking past $100,000 (AU$157,000).
The increase marks a significant 20% jump in the last 24 hours, reflecting growing excitement surrounding the upcoming $PENGU token airdrop on the Solana blockchain.
This development solidifies Pudgy Penguins as one of the most valuable NFT collections in the market, eclipsing its own records set just last week.
Last week, Pudgy Penguins hit an all-time high floor price of $62,000, but the latest surge has pushed it to a new record of 27 ETH, equivalent to $102,600, surpassing Bitcoin’s price of $101,000.
This meteoric rise—99% over the past seven days—has propelled the collection to the second most expensive profile picture (PFP) project, surpassing the famed Bored Ape Yacht Club.
NFT Price Floor data highlights the sharp increase in value across the Pudgy ecosystem, with companion collections Lil’ Pudgys and Pudgy Rods also experiencing price surges of over 90% within the same period.
Fueling this surge is the imminent launch of $PENGU, an ecosystem token set to debut on Solana before the end of the year.
While the official release date remains undisclosed, $PENGU’s total supply will be 88.88 billion tokens.
Pudgy Penguins NFT holders, including those owning Lil’ Pudgys and Pudgy Rods, are expected to receive a portion of the token airdrop, which allocates 25.9% of the supply to the community.
Pre-market trading on Whales Market indicates a price range of $0.04 to $0.05 per token, with lifetime trading volume nearing $300,000.
Analysts estimate a fully diluted valuation (FDV) for $PENGU of approximately $4.5 billion.
Such a valuation places it alongside established tokens like AAVE and PYTH, making $PENGU a potentially transformative entry into the Web3 space.
The rise of Pudgy Penguins is a story of revival.
Once a struggling NFT brand, its fortunes changed after being acquired by Luca Netz in 2022.
Under new leadership, the brand expanded into physical merchandise, including toys sold at major retailers like Walmart and Target, and blockchain-integrated video games.
The project’s parent company, Igloo Inc., further cemented its position with an $11 million funding round aimed at building Abstract, an Ethereum layer-2 network focused on consumer-friendly blockchain applications.
Pudgy Penguins’ success comes amidst a broader resurgence in the NFT market.
December has seen total NFT sales reach $187 million (AU$293 million), outpacing November’s figures by $6 million.
Ethereum-based NFTs dominate this recovery, accounting for $92 million (AU$144 million) of total sales.
Within this landscape, Pudgy Penguins and CryptoPunks stand out as leaders, with both collections enjoying notable increases in floor prices.
CryptoPunks
This extraordinary performance signals a revitalised interest in NFTs, driven by innovative projects and growing confidence in Web3 technologies.
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