PENGU Token and Pudgy Penguin NFTs Surge in Value Ahead of Abstract Mainnet Launch

The cryptocurrency market is witnessing a significant surge in the value of PENGU tokens and Pudgy Penguin NFTs, driven by growing anticipation for the upcoming mainnet launch of Abstract, an Ethereum layer-2 network developed by Igloo Inc. This surge is a notable development, as Igloo Inc. is the parent company behind both assets.

PENGU Token Sees Significant Price Increase

The PENGU token has led the way, rising by more than 6.5% in the last 24 hours and 45% in the last week, reaching a price of $0.045 and a market capitalization of $2.8 billion. This marks the token’s highest price since the early hours of claiming for PENGU began on December 17. The price increase coincides with a slowing of PENGU claims and an increase in total holders, which may indicate a decrease in sell pressure for the token.

According to data from a Dune dashboard built by pseudonymous on-chain analyst DeFi Mago, estimates suggest that more than 61% of the PENGU available in the initial airdrop has been claimed. Additionally, the PENGU holder count has breached 600,000 wallets, according to on-chain data from Solscan. This number is nearly triple that of popular meme coin Dogwifhat (WIF).

Pudgy Penguin NFTs Regain Momentum

Following a sharp drop in value after the PENGU claim opened, Pudgy Penguins NFTs are once again moving towards a $100,000 floor price, or the cheapest listing for an asset on the marketplace. The collection is up nearly 12% in the last 24 hours, reaching a floor price of $94,212 or 25.50 ETH, according to NFT Price Floor. While this mark is still below the pre-PENGU airdrop price for a Pudgy Penguin NFT, the collection has steadily risen in the last week as speculation of a token airdrop for Abstract has increased.

Companion NFT collections Lil Pudgys and Pudgy Rods are also experiencing significant gains, up 7% and 8% in the last 24 hours, respectively.

Speculation Surrounds Abstract’s January Launch

Details about Abstract’s January launch remain scarce, and no information about a token has been shared yet. However, speculation suggests that Penguin owners could potentially benefit from another substantial airdrop. For reference, at current PENGU prices, each Pudgy Penguin NFT allowed holders to claim around $75,000 in PENGU tokens from the airdrop. Igloo Inc. raised $11 million last July to build out Abstract.

Conclusion

The surge in value of PENGU tokens and Pudgy Penguin NFTs is a significant development in the cryptocurrency market, driven by growing anticipation for the upcoming mainnet launch of Abstract. As speculation surrounding the launch continues to build, it remains to be seen how the market will react in the coming weeks.

Source: Decrypt.co

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