The Pudgy Penguins ecosystem is experiencing a surge in value across its assets as the launch of Abstract, an Ethereum layer-2 network developed by its parent company Igloo Inc., draws closer. Both the PENGU token and Pudgy Penguins NFTs are climbing steadily, fueled by growing anticipation for this significant development.
The $PENGU token, which operates on Solana, is leading the charge with a notable 6.5% price increase over the past 24 hours and a staggering 45% rise over the past week. It is now priced at $0.045, boasting a market cap of $2.8 billion. This marks the token’s highest value since the initial claiming phase began on December 17.
The upward trajectory of PENGU’s price aligns with key market trends, including a slowdown in token claims and an increase in the number of holders. These metrics suggest a potential reduction in sell pressure, which could further stabilize the token’s value. Data from a Dune dashboard created by pseudonymous on-chain analyst DeFi Mago reveals that over 61% of the initial PENGU airdrop has been claimed. On-chain data from Solscan indicates that PENGU’s holder count has surpassed 600,000 wallets—a figure nearly three times that of the popular meme coin Dogwifhat (WIF).
Initially, the PENGU claim phase caused a sharp dip in the value of Pudgy Penguins NFTs as some holders opted to sell their assets post-claim. However, the tide is turning. The collection is now moving closer to a $100,000 floor price, a benchmark representing the lowest listing price for an asset on the marketplace.
According to NFT Price Floor, Pudgy Penguins NFTs have increased nearly 12% in the past 24 hours, reaching a floor price of $94,212 or 25.50 ETH. While still below the pre-PENGU airdrop levels, the collection has shown consistent growth over the past week. Speculation about a potential token airdrop for Abstract appears to be a significant driving force behind this renewed interest.
As excitement builds around the Abstract network’s mainnet launch, the Pudgy Penguins ecosystem is demonstrating its ability to capture investor attention and maintain momentum. Both PENGU and the NFTs are positioned to further capitalize on this enthusiasm as the countdown to Abstract continues.
