The floor price of the Pudgy Penguins collection has been breaking records of late.
Background
- After flipping BYAC, Pudgy is now the second most valuable NFT collection in the space right now
- Its aggregate market cap is hovering around the $950 million threshold
- For context, CryptoPunks, the leader of the board, has a market cap of more than $1.6 billion
- Pudgy Penguins went live in 2021
- Each penguin is hand-drawn and is characterized by distinctive traits
- The collection has a total of 8,888 penguins
Why should you pay attention?
- The spike in price registered by the Pudgy collection has pushed it to an ATH of 27.24 ETH
- At the current market price of $3922, a single NFT is worth more than $106k
- That’s higher than the price of 1 BTC [$100.3k]
- The team is looking to release a token this year on Solana
- PENGU will have a total supply of 88 billion tokens
- Out of that, 23.5% will be earmarked for Pudgy Penguins and other related NFT owners
Who said what?
- In a statement, the team said,
"With PENGU, the millions of Pudgy Penguin fans and the hundreds of millions of people who see and share the Pudgy Penguin every day now get the opportunity to align themselves with the character and become a part of The Huddle”
Zooming out
- Apart from NFT holders, 22.02% of PENGU tokens will go to the Solana and Ethereum communities
- Another 12.32% will be set aside to provide liquidity on decentralized exchanges [DEXes]
- The token launch announcement coupled with the rise in demand for Penguin collectibles has single-handedly managed to light back the spark in the NFT market
