Pudgy Penguins, an Ethereum-based NFT collection, has surpassed Bitcoin’s price on OpenSea.
The collection’s most expensive Penguin is now for sale at 50.3093 ETH or $197,508.78 on on the NFT marketplace OpenSea. This makes it one of the priciest Picture-for-Profile NFT projects. At present, the cheapest Pudgy Penguin is priced at 27.65 ETH or $108,460, at Ethereum’s price of $3,921.61. Bitcoin (BTC), on the other hand, is currently hovering around $101,445, making some Pudgy Penguin NFT worth more than the world’s largest cryptocurrency. In the last seven days, Pudgy Penguins has grabbed 21.88% market dominance, dethroning Bored Ape Yacht Club, whose dominance sits at 16.31%, as per Coingecko.
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NFT sales volume peaked at over $180M in early December, alongside a surge in active market wallets exceeding 12,000, reflecting heightened market activity and investor interest. | Source: nonfungible by crypto.news
The NFT’s market dominance has more than tripled since October 2024, when it was as low as a 9.5% share of the market. The increase in Pudgy Penguins’ price comes after a broad NFT market recovery. Much of the interest surrounding Pudgy Penguins has come from the recent announcement that the Pudgy Penguins ecosystem will launch the Pengu coin ($PENGU) coming on Solana (SOL) this month.
Introducing $PENGU, the official coin of Pudgy Penguins.Launching in 2024. Learn more below. pic.twitter.com/J715bODcM6
— Pudgy Penguins (@pudgypenguins) December 6, 2024
In addition to its foundational purpose, the token is designed to incentivize holders across the Pudgy Penguins ecosystem, which will positively influence token value and market sentiment.
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According to Coingecko, Nov. NFT sales volumes surged 57.8% to $562 million, the highest monthly figure since May. Recent market data shows that there were over 12,000 active wallets and over $180 million in sales at the end of November. This growth was pushed mainly by blue-chip collections, with CryptoPunks and Pudgy Penguins leading the pack, the latter seeing its floor price rise 262% over the course of November, surging from 8.7 ETH to 13 ETH before its current jump in price.
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