A popular non-fungible token project, the Pudgy Penguins NFT collection has set a record by overtaking the phenomenal Bored Ape Yacht Club to become the second-largest collecting by market cap.
According to data from CoinGecko, the Pudgy Penguins NFT’s price saw an 8.4% surge in the past 24 hours to trade at 22.1 ETH equivalent to $86,922), which boosted its market cap to $772.5 million. As a result, the new entrant surpassed BAYC’s $775 million, while CryptoPunks, the current pole position holder, has a market cap of $1.5 billion.
There are Signs of NFTs Rebounding
With clear signs of NFTs rebounding, the Pudgy Penguins NFTs price surge comes only one week after the developer announced an imminent token airdrop where the project plans to launch a native crypto token called “$PENGU” on the Solana Blockchain later this month. According to the announcement on their X platform, the project will have a total supply of 88,888,888,888 tokens.
The statement on the project’s X handle further said it will allocate at least 25.9% of the total supply to the community members. An equivalent of 24% is reserved for a separate community initiative while the company itself will retain 11.48%. The Pudgy Penguins NFTs collection consists 8,888 penguin NFT profile pictures (PFPs) whose last all-time-high price was $57,000 last February.
Project Aims to Build Own Blockchain
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The announcement has created a considerable buzz within the NFT community as enthusiasts and investors across the crypto world cross their fingers believing that it’s a sign of NFTs rebounding. Data shows that the project has recently achieved viral success with billions of viewers and millions of followers globally. With the latest rapid ascent, the Pudgy Penguins NFTs market cap now stands at 188,569 ETH, compared to BAYC’s 196,101 ETH.
The team behind the project has laid down an ambitious plan towards expanding their ecosystem, starting with their recent acquisition of $11 million in funding for the development of a layer2 blockchain initiative dubbed Cubed Labs. According to their whitepaper, the Cubed Labs initiative aims to drive up crypto adoption by prioritizing a user-friendly approach. The project intends to build an intuitive interface and deploy a testnet that should support the imminent wave of consumer-focused products. The new initiative highlights the company’s commitment to develop innovative products that align with their vision for Web3 development.
Pudgy Penguins Gain a Foothold in the NFT Space
From a project that most people thought was bound to fail when it was acquired back in 2022, Pudgy Penguin NFTs have morphed into a notable crypto-native. Over the course of time, the project has managed to penetrate the corporate world and won the hearts of retail giants like Target and Walmart through its toy lines, where it racked up a sizable social media following while gaining a foothold within the NFT gaming space.
Last July, the project’s founder and CEO predicted that he was betting the Penguins would soon hit the 200 ETH floor price, which would be over $780,000 at the current Ethereum price. If the prediction would ever see the light of day, the NFTs would need to grow over 12X. The BAYC, for example, reached a peak price of $429,000 (152 ETH) in April 2022, when the NFT Bull Run was coming to full cycle. However, things went south, and BAYC is currently retailing at about $83,500 (21.5 ETH).
Conclusion
The unprecedented rise of Pudgy Penguin NFTs is the clearest testament yet of NFTs rebounding by engaging community members where cultural relevance and innovative tokenomics integrate to determine a project’s future. The Bored Apes Yacht Club may have ruled the NFT space for a long time, but the entry of new players like the Pudgy Penguins NFTs means enthusiasts may be open to more innovation within the space. The soon-to-be launch of the $PENGU tokens and the plan to expand into the blockchain ecosystem places the Penguins in a position where they could easily challenge the leaders.
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