Following the altcoin announcement, Pudgy Penguins surpassed Bored Ape Yacht Club to become the second largest NFT collectible in terms of market cap.
Popular NFT project Pudgy Penguins has become the second largest NFT collectible in terms of market value, surpassing Bored Ape Yacht Club (BAYC).
The base price of Pudgy Penguins has increased by 9.5% in the last 24 hours to reach 23 ETH (approximately $90,922), while a 44.9% increase has been recorded on a weekly basis.
This increase brought the market value of the collection to $772.5 million, surpassing BAYC’s market value of $755 million. In the NFT world, the leader still belongs to CryptoPunks with a market value of $1.5 billion.
This rise of Pudgy Penguins came after the official token airdrop news announced last week. It was announced that the project would launch a cryptocurrency called "Pengu" on the Solana network this month. It was stated that Pengu's total supply would be 88,888,888,888 tokens, and 25.9% of them would be reserved for the Pudgy community. In the statement made by the project, "With Pengu, millions of Pudgy Penguins fans and hundreds of millions of people who see and share this character every day will finally have the opportunity to identify with the character," the project said.
Although the NFT market has experienced a decline compared to its peak period in 2022, a partial recovery in transaction volume has been observed this month.
According to CryptoSlam data, Ethereum-based NFTs generated $91 million in trading volume in the week of Dec. 1-8, compared to $56.6 million the week before. This was the highest weekly trading volume since late March.
