The NFT collection Pudgy Penguins has officially surpassed the Bored Ape Yacht Club (BAYC) to become the second-largest NFT collection by market value. The recent launch of the Pengu token airdrop has significantly boosted the demand for Pudgy Penguins.
Pudgy Penguins' Floor Price Rises Rapidly
According to CoinGecko, the floor price of Pudgy Penguins has increased by 8.4% in the past 24 hours, reaching 22 ETH. Over the past week, the collection's value has soared by 44%. This growth has pushed its market value to $770 million, surpassing BAYC's $750 million. However, CryptoPunks still dominates the NFT market with a $1.5 billion market cap.
Growth Driver: Pengu Token Airdrop
The rise of Pudgy Penguins is attributed to the official announcement of the
token airdrop. The plan is to launch a cryptocurrency token called Pengu on Solana later this month, with a total supply of 888,888,888,888 tokens, of which approximately 25.9% will be directly distributed to the Pudgy Penguins community.
However, the official has not yet revealed the connection and application of this token within the Pudgy Penguins community.
NFT Market Recovery?
Although the NFT market has been on a downward trend since its peak in 2022, recent data shows a slight rebound in trading activity. According to CryptoSlam, Ethereum-based NFTs recorded $91 million in trading volume from December 1 to December 8, a significant increase from the previous week's $56.6 million, which is the highest weekly trading volume since the end of March.