The Ethereum NFT project "Pudgy Penguins" has surpassed Bored Ape Yacht Club to become the second largest NFT series by market value.
According to data from CoinGecko, the floor price of the Fat Penguin NFT has increased by approximately 45% in the past week to 22.1 ETH (worth approximately $86,848), which brings its market cap to approximately $772 million, surpassing the Bored Ape’s $754 million. The largest NFT series by market capitalization remains CryptoPunks (approximately $1.5 billion).
Top ten NFT projects by market value, source: CoinGecko
The increase in Fat Penguin NFT prices has mainly benefited from the official token airdrop program announced last week. The project is expected to issue the official token PENGU on the Solana blockchain this month, with a total supply of 88.8 billion, of which 25.9% is expected to be distributed to the Pudgy Penguins community.
Related reports: (NFT project “Fat Penguin” announced the issuance of PENGU tokens! A total of 88.8 billion tokens, deployed on Solana)
The NFT market is down from its peak in 2022, but weekly trading volume has recovered slightly this month. According to data from CryptoSlam, the trading volume of Ethereum NFTs reached $91 million in the week from December 1 to December 8, up from $56.6 million in the previous week, which was the highest since the end of March.
Related reports: (NFT market sales hit $562 million in November, a six-month high)
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