TLDR
- Pudgy Penguins NFT floor price has reached 27 ETH ($102,600), surpassing Bitcoin’s price of $101,000 for the first time in its history
- The project ranks second among NFT collections behind CryptoPunks (39.5 ETH floor price)
- The upcoming launch of $PENGU token on Solana in 2024 has driven increased interest, with NFT prices rising 194% in the past month
- NFT sales volume peaked at over $180M in early December with over 12,000 active wallets
- The most expensive Pudgy Penguin is currently listed at 50.3093 ETH ($197,508.78) on OpenSea
The popular NFT collection Pudgy Penguins has achieved a remarkable milestone in December 2024, with its floor price surpassing $100,000 and exceeding the price of Bitcoin. The collection’s minimum entry price reached 27 ETH, equivalent to $102,600, marking a new all-time high for the project.
This price breakthrough positions Pudgy Penguins as the second-largest NFT collection in terms of floor price, trailing only behind the legendary CryptoPunks collection, which maintains a floor price of 39.5 ETH ($150,000). The collection’s most expensive piece is currently listed at 50.3093 ETH, approximately $197,508.78 on the NFT marketplace OpenSea.
The surge in value comes amid heightened trading activity, with the project experiencing a 194% price increase over the past month according to data from CoinGecko. The collection has seen its market dominance rise to 21.88%, surpassing the previous market leader, Bored Ape Yacht Club, which now holds 16.31% of the market share.
The timing of this price rally coincides with the announcement of the project’s upcoming ecosystem token, $PENGU, scheduled for release on the Solana blockchain. While the exact launch date remains undisclosed, the team has confirmed the token will debut in 2024, with less than 20 days remaining in the current year.
The introduction of $PENGU represents a strategic cross-chain expansion for the project. Despite the NFT collection remaining on Ethereum, the decision to launch the token on Solana demonstrates the team’s approach to leveraging opportunities across multiple blockchain networks.
Introducing $PENGU, the official coin of Pudgy Penguins.
Launching in 2024. Learn more below. pic.twitter.com/J715bODcM6
— Pudgy Penguins (@pudgypenguins) December 6, 2024
The tokenomics structure for $PENGU has been carefully planned, with a total supply set at 88,888,888,888 tokens. The distribution allocates 25.9% to the existing Pudgy Penguins community, while 24.12% is reserved for other communities and new “Huddle” members.
Team allocation has been structured with long-term alignment in mind, with current and future team members receiving 17.8% of the supply. This portion is subject to a one-year cliff and three-year vesting period. The company will retain 11.48% under identical vesting conditions.
The project’s recent success is reflected in its trading volumes, with NFT sales reaching over $180 million in early December. The number of active market wallets exceeded 12,000, indicating strong market participation and investor interest.
Looking at the collection’s growth trajectory, Pudgy Penguins has seen its market dominance more than triple since October 2024, when it held just 9.5% of the market share. This increase aligns with a broader recovery in the NFT market, which saw total sales volumes rise 57.8% to $562 million in November, reaching the highest monthly figure since May.
The collection’s rise to prominence began in 2021, and it has since expanded beyond the digital realm through strategic retail partnerships with major brands including Walmart and Target. These real-world connections have helped establish Pudgy Penguins as more than just a digital art collection.
The project consists of 8,888 unique NFTs, each with distinct characteristics and varying levels of rarity. The current floor price of 27.65 ETH ($108,460) represents the minimum investment required to join the collection’s ownership group.
Market data shows particular strength in blue-chip NFT collections, with both CryptoPunks and Pudgy Penguins leading the recent market recovery. The floor price for Pudgy Penguins demonstrated this momentum with a 262% increase during November, rising from 8.7 ETH to 13 ETH before its current levels.
Trading activity has remained robust through December, with daily volumes consistently showing strong market interest. The 21.88% market dominance achieved by Pudgy Penguins represents a major shift in the NFT landscape, particularly in displacing Bored Ape Yacht Club from its previous market-leading position.
The current floor price statistics show the collection maintaining steady value above the $100,000 mark, with Bitcoin prices hovering around $101,445 at the time of writing.
