The Pudgy Penguins collection has hit a new price record — the floor price of a single NFT exceeded $100,000. Over the past 24 hours, the price surged by more than 15%. As a result, one "penguin" now costs more than 1 BTC.
The floor price, which represents the lowest market price for the asset, began climbing last week when a single penguin reached $62,000. After the announcement of the PENGU token release, the collection’s value skyrocketed, making it the second most expensive PFP collection. A few days after the native ecosystem token was announced, Pudgy Penguins surpassed Bored Ape Yacht Club in market capitalization. The only collection standing in its way for the top spot remains CryptoPunks.
Preparing for the PENGU Launch
The PENGU launch is planned for the end of 2024. Reports state that the total supply will be 88.88 billion tokens, with 25.9% allocated to holders of project-related NFTs.
Notably, related collections Lil’ Pudgys and Pudgy Rods also recorded significant value growth — 104% and 185% respectively over the past week. They are also expected to be included in the airdrop program.
Just a few days earlier, the ME token from the NFT marketplace Magic Eden was launched. Prior to the release, experts predicted a price around $4.5, but right after launch, the token’s price fell by 50%. At the time of writing, ME trades at $5.16.
One airdrop hunter managed to earn $2 million during the ME token launch, despite the chaos.
Token Valuation and Prospects
Despite no official launch date for PENGU, trading has already begun on platforms like Whales Market. Preliminary prices vary between $0.04 and $0.05 per token, with a total trading volume of $460,400 so far.
Experts predict that if these metrics hold, the token’s fully diluted valuation could exceed $4.5 billion, placing it within the top 50 cryptocurrencies by market capitalization and on par with Filecoin (FIL) and Arbitrum (ARB).
Once considered a forgotten project, Pudgy Penguins returned to the market after being acquired in 2022 by Luca Netz. Under his leadership, the brand expanded into physical toys sold at major retailers like Walmart and Target, as well as into blockchain gaming.
Interestingly, in May, an X (formerly Twitter) user named Kelano stated that NFTs would never again reach the 2021–2022 price peaks.
“I might be wrong, but I think we’ll never see a new collection hitting $100,000,” he said.
Luca Netz suggested a bet on that. It’s unclear whether the bet took place, but it seems Kelano lost.
This post is for informational purposes only and is not an ad or investment advice. Please do your own research making any decisions.
