The Pudgy Penguins NFT collection just hit a major milestone. Its floor price has broken through $100,000, marking a more than 20% jump in just 24 hours. Excitement is buzzing around this Ethereum project, especially with the upcoming token airdrop on Solana.
This collection features 8,888 unique Penguin NFTs. Last week, it reached an all-time high when trading started at around $62,000. Shortly after, the team announced they will launch a new ecosystem token called PENGU. This token aims to reward holders within the Pudgy Penguins community and beyond.
Right now, Pudgy Penguins stands as the second most expensive profile picture (PFP) project. It has skyrocketed by 99% in the last week, now trading for over $103,000 worth of ETH. This is a new record and puts it ahead of the Bored Ape Yacht Club, according to data from NFT Price Floor.
The term "floor price" refers to the lowest price for an asset listed on an NFT marketplace. The Pudgy ecosystem is thriving, with companion collections like Lil’ Pudgys and Pudgy Rods (or Rogs) also seeing impressive gains of over 90% in the past week.
Both of these collections will receive a portion of the upcoming PENGU airdrop. A total of 25.9% of the 88.88 billion token supply will go to the Pudgy Penguin community. While no official launch date for PENGU has been set, it is expected to happen before the end of 2024.
Pre-market trading has already started on platforms like Whales Market. Here, PENGU has been trading between $0.04 and $0.05, with nearly $300,000 in lifetime volume. Although pre-market data can be a bit shaky, it offers a rough estimate for the price of the ME token airdrop from Magic Eden, a popular NFT marketplace and Bitcoin decentralized exchange.
Current estimates suggest that the fully diluted valuation of PENGU could reach $4.5 billion. This would place it in the same league as established tokens like AAVE and PYTH, both of which rank in the top 100 by market capitalization according to CoinGecko.
Once seen as a fading NFT brand, Pudgy Penguins has transformed into a well-known name in web3. This change came after its acquisition in 2022 by Luca Netz. Since then, the brand has expanded into physical toys available at stores like Walmart and Target, as well as blockchain-based video games.
The parent company, Igloo Inc., recently raised over $11 million to develop Abstract, an Ethereum layer-2 network focused on consumer applications.
NFTs, or non-fungible tokens, are unique crypto tokens that are gaining traction among digital artists, gaming companies, and investors alike.