Pudgy Penguins, an NFT collection, has hit an all-time high, breaking through the $100,000 floor price mark. The collection was trading at 27 ETH, equivalent to $102,600, outranking Bitcoin’s price of $101,000.
Pudgy Penguins has been upbeat since it reached its highest point last week, trading at almost $62,000. After the NFT hit a record high, the project team said that Pudgy Penguins’ ecosystem token, PENGU, will shortly be released on Solana. The coin would benefit the Pudgy Penguins ecosystem and other stakeholders.
Generally speaking, the floor price is the lowest price an asset sold on an NFT marketplace can fetch. Lil’ Pudgys and Pudgy Rods (also known as Rogs), two of the NFTs’ companion collections, have increased by over 90% in the past seven days, indicating a significant uptick in the Pudgy ecology.
Pudgy Penguins is the second Largest NFT after CryptoPunks
With the floor price rising above $100,000, Pudgy Penguins has become one of the largest NFT collections. It only plays second to CryptoPunk, the NFT powerhouse with a floor price of 39.5 ETH, translating to ($150,000). The Pudgy Penguins collection has 8,888 distinctive NFTs, which have experienced widespread buying sprees. CoinGecko says its price has grown to 194% over one month.
It is unclear why the price of the NFT is rising this fast, but analysts are citing the announcement of PENGU as the reason. Although the release dates for PENGU tokens have not been mentioned, they will likely be launched before the year ends.
The PENGU token supply will be capped at 88,888,888,888, leading to a significant cross-chain expansion for Pudgy Penguins.
The Pudgy ecosystem of NFTs will remain on Ethereum, while the PENGU will be based on Solana. This move indicates the project is committed to leveraging different networks for opportunities.
PENGU tokenomics are here already
According to Pudgy Penguins’ official post on X, there is clarity on tokenomics. For starters, 25.9% of the token will be shared with the Pudgy Penguins community, and 24.12% will be set aside for the other communities and new members.
17.8% of the tokens will be allocated to current and future team members, subject to a one-year cliff and three-year vesting period. The company will remain holding 11.48% under the same vesting conditions.
The Pudgy ecosystem of NFTs was launched in 2021. However, it faced several hurdles, and some people gave up. As of today, it prides itself on being a prominent NFT collection, extending its reach beyond digital assets.
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