After Bitcoin broke $100,000, the crypto market quickly bet on the arrival of Altcoin Season, with funds starting to return to the NFT market, stimulating a rebound in several NFT projects. The floor price of Pudgy Penguins NFT surged over 55% in a week, while the Mocaverse floor price broke through 2.9 Ethereum.
Since its launch in 2021, Pudgy Penguins has gained popularity in the crypto community with its 'cute penguin' image. Its IP has not only been well-received in the virtual market but has also quickly captured consumer attention in the offline market through collaborations with global retail giants like Amazon and Walmart.
CoinGecko data shows that the floor price of Pudgy Penguins has surpassed 32 Ethereum, reaching approximately $122,000, setting a new historical high.
The so-called 'floor price' refers to the lowest price of an NFT series in the secondary market, which often becomes an important reference indicator for bidders and buyers.
Pudgy Penguins will break into the mainstream during this bull market primarily because the project team announced on December 6 that they will launch the official token PENGU on the US blue-chip public chain Solana. Following the announcement, the floor price quickly soared on the same day.
The project team has released detailed tokenomics, sparking significant community interest. Of the total supply of 88,888,888,888 PENGU tokens, 25.9% will be allocated to the Pudgy Penguin community, with the remaining portion going to other communities, liquidity, partners, teams, and public sales. In the future, PENGU also plans to adopt multi-chain functionality and will be launched on Ethereum and Abstract Chain.
According to renowned crypto opinion leader BTCThinker88's analysis, the airdrop scale of the PENGU token is attractive, with Pudgy Penguins holders expected to receive tokens worth $31,000 to $61,000 each.
If Abstract Chain also participates and provides token allocation for the penguin community, the PENGU airdrop is expected to become one of the largest airdrop events in 2024, following HYPE.
The total supply of PENGU is 88.888 billion tokens, with a community distribution ratio of 25.9%. According to market cap projections (FDV), the total market cap during a bear market is approximately $1.5 billion; under baseline conditions, the total market cap is around $2 billion; and during a bull market, the total market cap could reach $3 billion.
Currently, the official announcement has not indicated whether a snapshot for tokens and NFTs has been taken, and the market should remain cautious about developments.
Not just the Pudgy Penguins soaring, according to OpenSea data, the well-known NFT series Mocaverse has recently seen its floor price break 2.9 Ethereum, approximately $11,860, with a daily increase of 79%. The floor price peaked at 3.49 Ethereum, attracting significant market attention.
However, it is important to note that historical experience from the NFT market shows that after an airdrop, NFT prices may experience a short-term decline. This volatility is a common phenomenon in the NFT and cryptocurrency markets. Investors participating in the Pudgy Penguins ecosystem should remain rational, fully assess risks, and avoid excessive speculation.
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