The NFT project Pudgy Penguins has climbed to second place in terms of market capitalization among non-fungible token (NFT) collections, surpassing Bored Ape Yacht Club (BAYC). According to CoinGecko, the collection’s market cap reached $765.1 million, exceeding BAYC’s $764.7 million. CryptoPunks remain the market leader with a capitalization of $1.51 billion.
Over the past 24 hours, Pudgy Penguins’ floor price rose by 5.1%, reaching 22.08 ETH (approximately $85,200). Over the past week, this figure increased by 44.8%.
In the last seven days, Pudgy Penguins’ trading volume grew by 215%, hitting $24.7 million, more than double that of CryptoPunks during the same period.
Bored Ape Yacht Club’s floor price also saw recent growth, surpassing $50,000 for the first time. However, this was not enough to maintain its ranking position and prevent it from falling behind.
Moreover, well-known TV host Jim Cramer recently stated that he believes in all digital assets except BAYC. According to him, “these NFTs are definitely going to zero,” a comment that did not help the collection’s standing.
It’s worth noting that this surge in NFT prices coincided with the announcement of the PENGU token, which is set to launch by the end of 2024 on the Solana blockchain. The total supply will be 88 billion tokens. The project’s team explained that introducing PENGU is another way to engage users with the brand.
Although analysts noted in November that 98% of 2024 NFT projects have failed, enthusiasm for certain collections remains high. According to well-known crypto analyst Andrew Kang, the NFT market is poised for a revival. In his view, memecoins have been a temporary distraction from the NFT sector.
