Pudgy Penguins NFT Price Surpasses Bored Ape Yacht Club for the First Time

In a significant development in the NFT market, Pudgy Penguins have overtaken Bored Ape Yacht Club (BAYC) in terms of Ethereum price for the first time. The price of Pudgy Penguins surged to 21.49 ETH (around $83,930), surpassing the BAYC price of 19.85 ETH (also about $83,930) as of December 9, according to CoinGecko data.

This surge in Pudgy Penguins’ price is partly driven by the upcoming launch of their native token, $PENGU, which is set to be released on the Solana blockchain. The announcement of $PENGU and the increased market activity have pushed Pudgy Penguins to new heights.

Key Factors Driving the Surge

• Pudgy Penguins’ NFT Price Surge: In just the past 24 hours, the price of Pudgy Penguins increased by 7.1%, reaching 21.49 ETH. Additionally, trading volume surged, with 2,653 ETH traded, showing strong market interest and momentum.

• Upcoming $PENGU Token Launch: The $PENGU token, announced in early December, will launch on the Solana blockchain this year. This has sparked interest in the Pudgy Penguins ecosystem, as the token is expected to play a crucial role in the project’s growth. The total token supply will be 88,888,888,888, with significant portions allocated to the community and other stakeholders.

• Market Impact: The market cap for Pudgy Penguins’ NFTs recently hit 188,569 ETH, closing in on the BAYC market cap, which is at 196,101 ETH. This suggests that Pudgy Penguins are rapidly gaining in popularity and market value.
• Recent Growth and Viral Success: Pudgy Penguins has gained significant attention, with millions of followers and billions of views globally. This widespread exposure has helped boost their market value and visibility in the NFT space.

Future Outlook for Pudgy Penguins

Pudgy Penguins is now targeting a new all-time high for their price on Ethereum, potentially reaching 22.9 ETH, which was the peak price for the NFTs in February 2023.

The project has also raised $11 million to support the development of Cubed Labs, a Layer 2 project aimed at driving mass cryptocurrency adoption. This initiative will take a user-first approach to building and deploying testnets for consumer crypto products, further cementing Pudgy Penguins’ growing influence in the blockchain and NFT space.

Pudgy Penguins has successfully overtaken Bored Ape Yacht Club in terms of Ethereum price, fueled by growing market interest, the announcement of the $PENGU token, and strategic investments in new projects. The continued rise in price and market cap suggests that Pudgy Penguins could see even more growth, potentially reaching new all-time highs and further establishing themselves as a major player in the NFT world.