The floor price of Pudgy Penguins has surpassed the $100,000 mark, rising more than 20% in the past 24 hours, due to the hype surrounding the upcoming Solana token airdrop for the Ethereum-based NFT project.
The collection of 8,888 Penguin NFTs broke its all-time high last week when it started trading at around $62,000. Shortly after, the project team announced that an ecosystem token - PENGU - will be launched on Solana in the near future, to reward holders of the Pudgy Penguins ecosystem.
Since then, Pudgy Penguins has cemented its position as the second most expensive PFP project, increasing 99% in the past 7 days to the current price of over $103,000 in ETH value - a new record high - surpassing Bored Ape Yacht Club.
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The floor price typically refers to the lowest price of an asset listed on an NFT marketplace. The Pudgy ecosystem has also seen a surge, with accompanying collections like Lil' Pudgys and Pudgy Rods (also known as Rogs) all increasing more than 90% in the past 7 days.
Both collections are expected to receive a share of the upcoming PENGU airdrop, which will allocate 25.9% of the total 88.88 billion tokens to the Pudgy Penguin community.
PENGU is expected to be launched before the end of 2024, although no official date has been announced.
However, the first unofficial pre-market trades have already started on apps like Whales Market, with PENGU trading at $0.04-$0.05 with a total volume of nearly $300,000.
While pre-market data is often highly volatile and unreliable, the Whales Market trades have accurately priced the airdrop token ME on Tuesday from the NFT marketplace and decentralized Bitcoin exchange, Magic Eden.
Current pre-market estimates could put the FDV of PENGU, or the token's price multiplied by the total supply, at around $4.5 billion - a valuation that would place the PENGU token on par with tokens like AAVE or PYTH, ranking it within the top 100 tokens by market capitalization.
Introducing $PENGU, the official coin of Pudgy Penguins.
— Pudgy Penguins (@pudgypenguins) December 6, 2024
Launching in 2024. Learn more below. pic.twitter.com/J715bODcM6
Pudgy Penguins was once a nearly forgotten NFT brand, but has blossomed into one of the most prominent web3 brands since being acquired by its current leader, Luca Netz, in 2022. Since then, the brand has expanded into physical toy production and retail sales at major retailers like Walmart and Target, as well as blockchain-integrated video games.
The project's parent company, Igloo Inc., recently raised over $11 million to develop Abstract, a Layer 2 Ethereum and user-friendly blockchain network.
Compiled by VIC Crypto
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