Pudgy Penguins has become the second-largest non-fungible token (NFT) collection by market cap. It has also announced plans to launch an official cryptocurrency, “$PENGU,” by the end of the year.
According to data from CoinGecko, Pudgy Penguins now holds a market cap of 219,267 ETH, equivalent to over $804 million, making it second only to CryptoPunks. It has surpassed notable collections like Bored Ape Yacht Club (BAYC), which has a market cap of $667 million.
The current floor price for Pudgy Penguins stands at $90,548, reflecting a 10.9% increase in the past 24 hours, with a recorded sales volume of 2,428 ETH. Over the last seven days, the floor price has risen by 70.8%, and in the past 30 days, it has increased by 168.7%.
The launch of the “$PENGU” coin will mark another significant milestone for the project. The coin, which will debut on the Solana blockchain, will have a total supply of 88,888,888,888 tokens.
Introducing $PENGU, the official coin of Pudgy Penguins.
Launching in 2024. Learn more below. pic.twitter.com/J715bODcM6
— Pudgy Penguins (@pudgypenguins) December 6, 2024
This news comes after Pudgy Penguins received a strategic investment from Animoca Brands last month. The investment announcement had a noticeable impact, driving a 1,459% increase in sales volume within 24 hours, according to CryptoSlam data.
Launched in 2021, Pudgy Penguins consists of 8,888 cartoon-style penguin NFTs on the Ethereum blockchain. Over time, the project has expanded its presence in the Web3 and physical markets.
In 2023, it launched Pudgy Toys, NFT-inspired character toys, which became available in 2,000 Walmart stores across the United States. By February, the toys were added to 1,100 more Walmart locations and later reached retailers like Target, GameStop, Lotte, and Australia’s Big W stores.
Each Pudgy Toy includes a QR code that grants buyers access to the Pudgy World metaverse. In this virtual space, buyers can claim unique traits for their digital Forever Pudgy characters.
