Pudgy Penguins’ PENGU token soars 26%, flips OP in market cap
Key Takeaways
- PENGU has surpassed OP to become the 58th largest crypto asset by market value.
- Despite an initial surge at launch, the token plummeted over 50% due to heavy selling pressure.
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PENGU, the utility token of the Pudgy Penguins ecosystem, has surged approximately 26% in the last 48 hours, propelling its market capitalization to $2.8 billion and flipping Optimism’s OP token to become the 58th largest crypto asset by market value, according to CoinGecko data.
The rally comes as rumors circulate that the second-largest NFT collection may ink a partnership with Pokémon, the globally recognized and beloved entertainment franchise.
BREAKING: Rumors are swirling about a possible Pudgy Penguins x Pokémon collaboration.
If true, $PENGU is heading straight to the moon! pic.twitter.com/LAKdpWQn14
— broski ✳️ 🐧 (@broskisol) January 5, 2025
A potential collaboration could apparently boost Pudgy Penguins’ visibility, attracting a wider audience and driving increased interest and activity in the PENGU market.
Yet, some users are skeptical about these speculations, suggesting they could be attempts to influence market sentiment. Pudgy Penguins have yet to comment on the rumors.
PENGU launched last December with a $2.3 billion market cap and secured immediate listings on Binance, OKX, and Bybit, Crypto Briefing previously reported. The token’s value initially reached $0.068 before dropping to $0.031 following its airdrop to Pudgy Penguins NFT holders, marking a more than 50% decline.
The token’s decrease was accompanied by a substantial fall in Pudgy Penguin’s NFT prices, with the collection’s floor price dropping from 33 ETH to 16 ETH. However, the floor price has recently recovered, rising 30% in the past seven days to 23.85 ETH ($86,000), per CoinGecko.
The recent recovery has helped the NFT collection overtake Bored Ape Yacht Club. It is now the second-largest NFT collection by market cap, trailing only CryptoPunks.
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Author: Vivian Nguyen
