The Pudgy Penguins NFT project has reached a new major level as the collection’s floor price went up above $100K. Selling at 27.55 ETH ($108,200), it has surged past Bitcoin, which is valued at $100,000 at press time. This achievement positions Pudgy Penguins as the second-biggest NFT project after CryptoPunks with a floor price at 39.5 ETH ($150,000).
The NFT collection, consisting of 8,888 unique digital assets, has seen its floor price rise by more than 194% in one month. This comes in the wake of Pudgy Penguins’ ecosystem token, $PENGU slated for release on the Solana blockchain. This token will be available in a total supply of 88,888,888,888 tokens. This is a major advancement for Pudgy Penguins in trans-chain utilization.
Tokenomics for $PENGU have been detailed by the project team. A total of 25.9% of the supply will go to the Pudgy Penguins community. Another 24.12% will be allocated to other communities and new “Huddle” members. Current and future team members will receive 17.8%, subject to vesting conditions, while the company will hold 11.48% under the same terms.
Although the $PENGU token is launched on Solana, the Pudgy Penguins NFT collection is still supported on Ethereum. The cross-chain approach demonstrates the project’s strategy to utilize multiple networks for growth. Analysts attribute the rapid price increase to the token announcement, which has generated excitement among investors and collectors.
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The Pudgy Penguins ecosystem includes companion collections like Lil’ Pudgys and Pudgy Rods, which have also seen significant growth. These collections have experienced over a 90% increase in value in the last seven days, reflecting heightened interest in the Pudgy ecosystem.
Pudgy Penguins was released in 2021 and is one of the most popular NFT projects today. Apart from evolving from a digital asset, it has expanded into retail partnerships with major brands like Walmart and Target. These partnerships have strengthened the project’s presence in both digital and physical markets.
Even as the NFT market rises to a $9.48 billion market capitalization, Pudgy Penguins continues to attract investors. The project’s recent advancements make it a major player in the emerging NFT space behind only CryptoPunks in terms of dominance.
