When the price of Bitcoin broke the $100,000 mark, it was controversial. Who would have thought that an NFT collection could also exceed $100,000?
On December 21, an NFT collection named Pudgy Penguins achieved 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 its launch, Pudgy Penguins made waves during the NFT craze, featuring in The New York Times and CNBC, and sparking heated discussions online.
The project later launched other NFTs, including Lil' Pudgys (comprising 22,000 little 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, consisting of 8,888 unique NFTs, is experiencing a massive buying spree, with prices rising by 194% in the past month.
PENGU token dropped 50%
The native token of Pudgy Penguins, PENGU, dropped over 50% in the first few hours after the airdrop on December 17.
Trading activity intensified in the first four hours, with a trading volume of $425 million, and Gecko Terminal data shows there are over 250,000 on-chain holders.
However, data shows that market sentiment is severely imbalanced, with 111,000 sellers and 59,000 buyers, resulting in 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, and approximately 26% specifically allocated to NFT holders.
Data shows that the market cap of PENGU tokens traded on Solana was approximately $2.8 billion at initial listing, but has since fallen to less than $2 billion.