It appears the NFT craze is returning as the NFT markets hit new highs this month amid cryptocurrency bull season. According to the latest report, the popular NFT collection, Pudgy Penguins NFT Collection, crossed the $100,000 mark when the floor price reached $103.2K.
Pudgy Penguins, a beloved Ethereum-based NFT collection, saw a dramatic 240% increase in its floor price this month. The collection’s floor price shot up from 9.45 ETH ($3,000) to 26.15 ETH ($103,000).
Chubby penguins on the rise
The exceptional growth can be attributed to several key factors. Firstly, the hype surrounding the launch of Pengu tokens has created a lot of excitement. Another reason is that Ethereum’s recent price rise has had a direct impact on the NFT market, increasing the value of assets like Pudgy Penguins.
Furthermore, the remarkable, community-driven success of the collection cannot be overlooked. Pudgy Penguins has built a loyal and engaged fan base who continue to support and promote the brand, further increasing its market appeal and contributing to its impressive rise.
The crypto skyrocketed noticeably after Donald Trump’s one-sided victory in the presidential elections. Bitcoin surpassed the most expected psychological barrier of $100,000. Altcoins like Ethereum (ETH), Solana (SOL) and so many others also rose impressively.