The PENGU token and Pudgy Penguin NFTs are both surging in value as anticipation builds for the upcoming mainnet launch of Abstract, an Ethereum layer-2 network built by the parent company behind both assets, Igloo Inc.
PENGU leads the way, rising more than 6.5% in the last 24 hours and 45% in the last week to a price of $0.045 and a $2.8 billion market cap. The price is the Solana token’s highest since the early hours of claiming for PENGU began on December 17.
The token’s price rise coincides with a slowing of PENGU claims and an increase in total holders—metrics that potentially point to a decrease in sell pressure of the token.
Estimates now suggest that more than 61% of the PENGU available in the initial airdrop has been claimed, according to data from a Dune dashboard built by pseudonymous on-chain analyst DeFi Mago. The PENGU holder count has breached 600,000 wallets, according to on-chain data from Solscan, a number nearly triple that of popular meme coin Dogwifhat (WIF).
Following a sharp drop in value after the PENGU claim opened—as some holders dumped their NFTs after claiming their token allocations—Pudgy Penguins NFTs are once again moving towards a $100,000 floor price, or the cheapest listing for an asset on the marketplace.
The collection is up nearly 12% in the last 24 hours, reaching a floor price of $94,212 or 25.50 ETH according to NFT Price Floor. This mark is still below the pre-PENGU airdrop price for a Pudgy Penguin NFT, but the collection has steadily risen in the last week as speculation of a token airdrop for Abstract has increased.
Companion NFT collections Lil Pudgys and Pudgy Rods are also up 7% and 8% in the last 24 hours, respectively.
Details about Abstract’s January launch remain scarce and no information about a token has been shared yet. However, there’s speculation that Penguin owners could potentially benefit from another substantial airdrop. For reference, at current PENGU prices, each Pudgy Penguin NFT let holders claim around $75,000 in PENGU tokens from airdrop.
Igloo Inc. raised $11 million last July to build out Abstract.
Edited by Andrew Hayward
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