After Bitcoin broke $100,000, the crypto market quickly bet that the altcoin season would arrive, with funds returning to the NFT market, stimulating the performance of several NFT projects. The floor price of Pudgy Penguin NFTs surged over 55% in one week, while the Mocaverse floor price broke through 2.9 ETH.
Since its launch in 2021, the fat penguin has been represented in the crypto community as 'cute penguins'. Its IP is not only popular 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 current floor price of Pudgy Penguins has surpassed 32 ETH, reaching approximately $122,000, setting a new historical high.
The so-called 'floor price' refers to the cheapest listing of an NFT series in the secondary market, which often becomes an important reference indicator for bidders and buyers.
The fat penguin is expected to break out in this bull market, mainly because the project team announced on December 6 that it will soon launch the official token PENGU on the US blue-chip public chain Solana. As soon as the news broke, the floor price rapidly surged.
The project team has released detailed token economics, attracting significant community attention. The total supply of 88,888,888,888 PENGU will allocate 25.9% to the Pudgy Penguins community, while the remaining portion will be distributed to other communities, liquidity, partners, teams, and public sales. In the future, PENGU also plans to adopt a multi-chain approach and will be enabled on Ethereum and Abstract Chain.
According to renowned crypto opinion leader BTCThinker88, the scale of the PENGU token airdrop is attractive, with Pudgy Penguins holders expected to receive tokens valued between $31,000 and $61,000 each.
If Abstract Chain also participates and provides token distribution for the penguin community, the PENGU airdrop is expected to become one of the largest airdrop events of 2024, following HYPE.
The total supply of PENGU is 88.888 billion tokens, with a community distribution ratio of 25.9%. According to market capitalization predictions (FDV), the total market value in a bear market is approximately $1.5 billion; the baseline total market value is about $2 billion; and the total market value in a bull market could reach $3 billion.
Currently, the official has not indicated whether a snapshot of the tokens and NFTs has been taken, and the market should remain cautious about developments.
Not just the fat penguin skyrocketing, according to OpenSea data, the well-known NFT series Mocaverse floor price recently broke 2.9 ETH, approximately $11,860, with a daily increase of 79%. The floor price peaked at 3.49 ETH, attracting significant market attention.
However, it is important to note that historical experience from the NFT market shows that NFT prices may experience a short-term decline after completing airdrops. This volatility is a common phenomenon in the NFT and cryptocurrency markets, and investors should remain rational when participating in the Pudgy Penguins ecosystem, fully assess risks, and avoid excessive speculation.
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