The Pudgy Penguins price floor broke through $100,000, up more than 20% in the past 24 hours, as excitement and speculation surround the price. Ethereum NFT project and the upcoming symbolic airdrop on Solana.
The collection of 8,888 Penguin NFTs broke an all-time high last week when it started trading around $62,000. The project team arrived shortly afterwards has announced that it is an ecosystem token—PENGU—will launch on Solana in the near future and will reward holders of the Pudgy Penguins ecosystem and beyond.
Since then, Pudgy Penguins has cemented itself as the second most expensive profile photo project (PFP), rising 99% in the last seven days to a current price of over $103,000 worth of ETH – a new all-time high – and surpassing the Surpassing Bored Ape Yacht Club, according to NFT Price Floor data.
The floor price usually refers to the lowest price for an asset listed on an NFT marketplace. The Pudgy ecosystem of NFTs has also seen a surge, as its associated collections Lil’ Pudgys and Pudgy Rods (aka Rogs) have both increased by more than 90% in the past seven days.
Both collections are expected to receive a share of the upcoming PENGU airdrop, which will provide 25.9% of the total token supply of 88.88 billion to the Pudgy Penguin community.
PENGU is expected to launch some time before the end of 2024, although no official date has been announced.
Introducing $PENGU, the official currency of Pudgy Penguins.
Launching in 2024. Read more below. pic.twitter.com/J715bODcM6
— Pudgy Penguins (@pudgypenguins) December 6, 2024
Nevertheless, pre-market trading has begun on applications like Whales Market, where PENGU has routinely traded between $0.04 and $0.05 on lifetime volume of almost $300,000.
Although pre-market data is typically volatile and unreliable, pre-market trading on Whales Market effectively held up the price of Tuesday’s ME token airdrop from the NFT marketplace and the decentralized Bitcoin exchange, Magic Eden.
Estimates based on current pre-market trading could place the PENGU’s fully diluted valuation, or the token’s price multiplied by the total token supply, at $4.5 billion – a figure that puts the PENGU token in the same range and would post the same FDV of tokens as AAVE or PYTH, both top 100 tokens of market capitalization according to CoinGecko.
Once an almost forgotten NFT brand, Pudgy Penguins has become one of the most recognizable brands on web3 since its takeover in 2022 by the current leader, Luca Netz. The brand has since expanded to include physical toys sold at major retailers such as Walmart and Target, as well as blockchain-infused video games.
The project’s parent company, Igloo Inc., recently raised more than $11 million to build Abstract, an Ethereum layer-2 network and consumer-oriented blockchain.
Edited by Andrew Hayward