Pudgy Penguins has raised its market capitalization to $772.5 million, while the market capitalization of BAYC stands at $755 million, while CryptoPunks remains the largest NFT collection with a market capitalization of $1.5 billion.
Pudgy Penguins surpasses Bored Ape Yacht Club to become the second largest NFT collection by market capitalization
Pudgy Penguins, a renowned NFT (non-fungible token) project, has surpassed Bored Ape Yacht Club (BAYC) to become the second largest NFT collection by market capitalization.
According to data from CoinGecko, the floor price of Pudgy Penguins has increased by 8.4% in the past 24 hours, reaching 22.1 ETH ($86,922), marking a weekly increase of 44.9%. This increase has pushed the project's market capitalization to $772.5 million, surpassing the $755 million of BAYC. Meanwhile, CryptoPunks remains the largest NFT collection with a market capitalization of $1.5 billion.
The growth of Pudgy Penguins stems from last week's announcement of an upcoming official token Airdrop. The project plans to launch a cryptocurrency token called "Pengu" on the Solana network this month, with a total supply of 88,888,888,888 tokens. According to a post on X, the project intends to allocate 25.9% of the total supply to the Pudgy community.
"With Pengu, millions of Pudgy Penguin fans and hundreds of millions of people outside the crypto space, who see and share Pudgy Penguin images every day, will finally have the opportunity to engage with this character," the project said last week.
Although the NFT market appears to have declined from its peak in 2022, weekly trading volume has recovered slightly this month. In the week from December 1 to 8, Non Fungible Tokens on the Ethereum platform recorded a trading volume of $91 million, up from $56.6 million the previous week. According to data from CryptoSlam, this is the highest weekly trading volume since the end of March.
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The article Pudgy Penguins surpasses BAYC, becoming the second largest NFT collection first appeared on CoinMoi.
