Pudgy Penguins NFT Floor Price Hits $100K with PENGU Token on the Way

Sentiment Status: Positive

The upcoming PENGU token will expand the ecosystem by launching on Solana, while the NFTs remain on Ethereum.

The Pudgy Penguins NFT collection is making headlines with a floor price breaking the $100,000 mark. The Ethereum-based project has seen a meteoric rise fueled by anticipation of its upcoming ecosystem token, PENGU, set to launch on Solana.

A New All-Time High for Pudgy Penguins

Over the past week, the Pudgy Penguins collection has climbed to record-breaking heights. Its floor price jumped from $62,000 to over $103,000, a stunning 20% increase in just 24 hours. This achievement makes Pudgy Penguins the second most valuable profile picture (PFP) NFT project, surpassing the iconic Bored Ape Yacht Club.

The 8,888 distinct Non-Fungible Tokens (NFTs) in the collection have captivated collectors and investors alike, with companion collections like Lil’ Pudgys and Pudgy Rods also experiencing a sharp rise. These secondary collections saw a 90% price surge over the past week as their holders prepare for the highly anticipated PENGU token airdrop.

What Is PENGU and Why Is It Creating Buzz?

The upcoming PENGU token is poised to expand the Pudgy Penguins ecosystem. A total supply of 88.88 billion tokens has been announced, with 25.9% reserved for Pudgy Penguin NFT holders. Unlike the NFTs, which will remain on Ethereum, PENGU will be launched on Solana.

While the official release date for PENGU remains under wraps, pre-market trading has already started. Tokens have been trading between $0.04 and $0.05, with a fully diluted valuation estimated at $4.5 billion. Such numbers place PENGU in the same league as established tokens like AAVE and PYTH, further raising expectations.

A Journey Since 2022

Acquired in 2022 by entrepreneur Luca Netz, the project has since evolved from a struggling NFT brand into a recognizable Web3 entity. Expanding beyond digital collectibles, Pudgy Penguins now includes licensed toys available in major retail stores and blockchain-based video games.

The parent company, Igloo Inc., recently secured $11 million in funding to develop Abstract, a consumer-focused Ethereum layer-2 network. This move reinforces Pudgy Penguins’ mission to create a comprehensive and accessible ecosystem for its community.

PENGU’s launch is on the horizon and the Pudgy Penguins ecosystem is primed for further growth. This project’s ability to innovate, expand, and engage its community positions it as a leader in the NFT and Web3 space.