Pudgy Penguins NFTs surpass Bitcoin as floor price breaks $100K

Source: Crypto Briefing

The Pudgy Penguins NFT collection has achieved a significant milestone, with its floor price surpassing the $100K mark.

The collection reached a new all-time high of 27 ETH, which at press time is equivalent to $102,600, surpassing Bitcoin’s price of $101,000.

The project now ranks as the second-largest NFT collection behind CryptoPunks, which maintains a floor price of 39.5 ETH ($150,000).

The Pudgy Penguins collection, consisting of 8,888 unique NFTs, has been experiencing a massive buying spree, with its price rising 194% over the past month, according to data from CoinGecko.

This spike in interest coincides with the team’s announcement of the upcoming launch of its ecosystem token, $PENGU, which will be released on the Solana blockchain.

While the exact release date has not been disclosed, the team has confirmed that the token will be introduced in 2024. With less than 20 days left in the year, the launch is expected soon.

The Pengu token will have a total supply of 88,888,888,888 tokens, marking a significant cross-chain expansion for Pudgy Penguins.

While the NFT collection remains based on Ethereum, the decision to launch the token on Solana underscores the project’s commitment to leveraging multi-chain opportunities.

According to tokenomics details shared on X, 25.9% of the Pengu token supply will be distributed to the Pudgy Penguins community, while 24.12% is allocated to other communities and new “Huddle” members.

Current and future team members will receive 17.8% of the supply, subject to a one-year cliff and three-year vesting period. The company will retain 11.48% under the same vesting conditions.

Launched in 2021, Pudgy Penguins has established itself as a prominent NFT collection, extending its reach beyond digital assets through retail partnerships with Walmart and Target.

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Author: Estefano Gomez