Pudgy Penguins, the Ethereum-based NFT collection, has taken the market by storm, with its price soaring past Bitcoin on OpenSea. This marks a significant milestone in the NFT world, reflecting growing interest and market activity.
The collection’s priciest Penguin is currently listed at 50.3093 ETH (approximately $197,508.78), while the floor price stands at 27.65 ETH (about $108,460). This makes Pudgy Penguins one of the most valuable Picture-for-Profile NFT projects available today. By comparison, Bitcoin is trading at around $101,445, making some Penguins worth more than the world’s leading cryptocurrency.
Pudgy Penguins Dominate the NFT Market
In the last week, Pudgy Penguins captured a staggering 21.88% market dominance, overtaking the renowned Bored Ape Yacht Club, which now holds 16.31% dominance. This surge aligns with a broader recovery in the NFT market, which saw November sales volumes jump 57.8% to $562 million, the highest since May. Pudgy Penguins’ floor price alone increased 262% in November, rising from 8.7 ETH to 13 ETH, before reaching its current highs.
What’s Fueling the Surge?
Much of the recent attention surrounding Pudgy Penguins can be attributed to the announcement of its native Pengu Coin ($PENGU) on Solana. Designed to incentivize holders and enhance ecosystem value, this token is expected to strengthen the community further and drive market sentiment.
The NFT market recovery has also been propelled by a surge in active wallets, exceeding 12,000 in early December, alongside $180 million in sales volume. Blue-chip collections like CryptoPunks and Pudgy Penguins have been at the forefront of this growth.
As Pudgy Penguins continue to redefine their position in the NFT space, their growing value and dominance underscore the evolving dynamics of the digital asset market.