By Key Points
- Pudgy Penguins NFT Market Price Goes Up To 21.49 ETH
- Pudgy Pengu manages to take the lead by promising 19.85 ETH
- The very $PENGU native token acts as a catalyst for the price increase.
- The increase in trading volume on the Ethereum blockchain is substantial.
The Pudgy Penguins NFT price has soared past Bored Ape Yacht Club (BAYC) for the first time, which is a significant achievement for him in the NFT space.
Specifically, as of 9th December 2024, the Pudgy Penguins NFT was valued at approximately 21.49ETH (around $83,930), breaking BAYC’s 19.85ETH price point.
The token is still under development but the owners of Pudgy Penguins, Igloo company claims that the circulation of PENGU Tokens issued are around 88 billion tokens.
CRYPTO BREAKING NEWS
Pudgy Penguins Surpass Bored Ape Yacht Club in Floor Price. Pudgy Penguins briefly outpaced BAYC in base price on February 17. The NFT market landscape is shifting, highlighting community engagement. Contin… check us out @ https://t.co/8dh137aX4R pic.twitter.com/uDUalm9Eld— InnovatekMobile (@Neome_com) February 18, 2024
The Pudgy Penguins NFT price increased by around 7.1% within 24 hours, ain light of stats revealed by CoinGecko. In the same period, the trading volume increased by almost 50% and reached 2,653 ETH.
The upcoming airdrop of the native token, $PENGU, which is set to be launched on the Solana blockchain has recently been announced by the Pudgy Penguins, leading to a jump in the price of the NFPT.
The new currency has generated excitement amongst the existing polarized Penguin community and tremendous interest from new investors, thus convergence of PENGU demand and floor prices is detected.
What’s Behind the Pudgy Penguins NFT Price Surge?
The surge in the Pudgy Penguins NFT price is largely attributed to the upcoming launch of their native token,$PENGU.
The asset is still at a stage of development, however, Igloo Inc which is the parent company of Pudgy Penguins has announced an approximate figure of 88 billion $ PENGU Tokens. The allocation of these tokens is structured as follows:
- The Pudgy Penguins community will receive 25.9%.
- The extra community initiatives will get 24%.
- For the company reserves, 11.48% has been allocated.
Evidently, this additional plan to issue a token on Solana (SOL) is aimed at enhancing the Pudgy Penguins ecosystem and generates some level of enthusiasm as well as confidence among the holders.
The Pudgy Penguins NFT price benefits from this utility, considering the recent trend featured in NFTs where established collections offer more than just static pictures in that they provide tokens, community engagement approaches, and also cross-chain opportunities.
Bored Ape Yacht Club at the Crossroads
BAYC has reigned supreme as the most valuable NFT collection with floor prices hitting 150 ETH at its zenith. Though it seems that the peak was a not long time ago as its floor price has seen a steep decline and now sits at an alarming 19.85 ETH.
The Pudgy Penguins NFT price surge highlights how newer NFT projects with dynamic offerings are attracting attention.
Despite Bored Ape Yacht Club’s [BAYC] continuous support from influencers, it seems that their latest proposal has caused a drop in investor interest. On the other hand, Pudgy Penguins has consistently come up with innovative approaches, courtesy of their $PENGU tokens.
This transformation indicates that nowadays, long-term investment value in an NFT ecosystem can only be achieved through a combination of utility, community incentives, and strategic innovation.
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