When Bitcoin's price broke the $100,000 mark, it was controversial. Who would have thought that the price of an NFT collection could also exceed $100,000?
On December 21, an NFT collection called Pudgy Penguins reached a significant milestone, with its floor price surpassing $100,000, reaching $102,600, overtaking Bitcoin.
Monthly trading volume surged by 194%
Pudgy Penguins was launched as an NFT series in 2021, consisting of 8,888 NFTs, each representing a unique image of the brand's iconic penguin.
Shortly after the birth of Pudgy Penguins, it created a buzz at the start of the NFT craze, featured in The New York Times and CNBC, and sparked heated discussions online.
The project subsequently launched other NFTs, including Lil' Pudgys (composed of 22,000 baby penguins) and Pudgy Rods (fishing rods themed around penguins).
The Pudgy Penguins team stated that any holder of these NFTs is eligible to claim PENGU by proving ownership on the Ethereum network.
Data shows that the project is currently the second-largest NFT collection after CryptoPunks, with a floor price of 39.5 ETH (approximately $150,000).
According to CoinGecko, the Pudgy Penguins series, composed of 8,888 unique NFTs, is experiencing a massive buying frenzy, with prices increasing by 194% in the past month.
The PENGU token has plummeted by 50%
The native token of Pudgy Penguins, PENGU, dropped more than 50% in the initial hours after its airdrop on December 17.
Trading activity intensified in the first four hours, with a trading volume reaching $425 million, while Gecko Terminal data shows over 250,000 on-chain holders.
However, the data indicates a severe imbalance in market sentiment, with the number of sellers at 111,000 and buyers at 59,000, putting downward pressure on token prices.
The Pudgy Penguins team stated that the total supply of PENGU is nearly 8.9 billion tokens, with about half allocated to community members, of which approximately 26% is specifically allocated to NFT holders.
Data shows that the market capitalization of the PENGU token traded on Solana was approximately $2.8 billion at its initial listing, but has since fallen to less than $2 billion.