Pudgy Penguins NFTs Surge Past Bitcoin Prices, Hits 100k In Impressive December Run

Bitcoin has been the king of crypto for a long time now, and the coin has also recently put in a performance for the ages, breaking the $100,000 mark despite the slow start to the year. For a moment, not many digital assets could measure up to Bitcoin’s value. Still, a new player in the digital asset market has challenged and surpassed Bitcoin, sending waves across the digital asset community. 

Pudgy Penguins, a penguin-themed NFT project, has now seen its floor price break past $100,000, and the NFT project has recorded a surge of over 20% in the last 24 hours alone. This comes shortly after the project announced its upcoming token and an airdrop on Solana. 

Penguin-themed Pudgy Penguins had already started breaking records since last week when it broke its all-time high and began trading around $62,000. Analysts attributed that rise to the project team’s announcement of a new ecosystem token named PENGU, which they stated would be used to reward holders of the Pudgy Penguins NFTs. 

The bird-themed project has since taken flight and has become the second most expensive profile picture (PFP) project after it rose by 99% in seven days to hit a price above $103,000 in ETH value (27 ETH). This move saw Pudgy Penguins surpass the Bored Ape Yacht Club (BAYC) project in the process. 

As it stands, Pudgy Penguins now ranks as the second-largest NFT collection behind cryptopunks which sits at a floor price of 39.5 ETH ($150,000). 

NFTs have been on the rise since the beginning of December. According to Cryptoslam, the NFT market kicked off the month, exceeding $187,000 in recorded sales.

These records continue an upward trend from October when the market put an end to a dry spell with a 57% increase month over month. November also continued the uptick, with over $562 million in sales recorded.

The upward surge in the NFT market is due, in many ways, to the recent successes of projects, including Pudgy Penguins and Crypto Punks.

Pudgy Penguins have contributed to the recent upward price surge in more than one way. Apart from the main Pudgy Penguins project, other NFT projects in the Pudgy ecosystem have also recorded massive wins, with projects such as Lil’ Pudgys and Pudgy Rods (aka Rogs) both going up more than 90% in the last seven days. 

With prices already going through the roof, many NFT analysts and enthusiasts are now expecting an even better valuation for the Pudgy Penguins project when its official cryptocurrency, PENGU, launches. PENGU is expected to launch sometime before the end of 2024, but no official date has been announced at the time of this writing.

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