Pudgy Penguins Surpasses BAYC in Market Capitalization Following Airdrop Announcement

The NFT project Pudgy Penguins has climbed to second place in market capitalization within the segment, overtaking the Bored Ape Yacht Club (BAYC) collection. This is according to data from CoinGecko.

In the last 24 hours, the floor price of Pudgy Penguins has risen by nearly 6%, reaching 22 ETH ($86,147). Over the week, this figure has increased by more than 44%.

The market capitalization has reached $765.7 million compared to BAYC’s $743.8 million. CryptoPunks leads with $1.5 billion.

The rise in Pudgy Penguins’ NFT price followed the announcement of the PENGU token airdrop.

Introducing $PENGU, the official coin of Pudgy Penguins.

Launching in 2024. Learn more below. pic.twitter.com/J715bODcM6

— Pudgy Penguins (@pudgypenguins) December 6, 2024

The asset is expected to launch on the Solana blockchain by the end of the year. Of the total issuance of 88,888,888,888 coins, 25.9% are intended for community distribution. An additional 24.12% will be allocated to reward participants in various collaborations.

“Thanks to PENGU, millions of Pudgy Penguin fans and hundreds of millions of people outside the crypto world […] will finally have the opportunity to join this character,” the statement reads.

According to CryptoSlam, in the past seven days, the trading volume of the NFT collection has increased by approximately 215%, reaching $24.7 million. The corresponding figure for CryptoPunks is more than twice as low at $11.1 million.

Back in September, NFT Evening analysts concluded that 96% of non-fungible tokens are “dead.”

Artist Mike Winkelmann (Beeple) believes that enthusiasm for the NFT market remains high, with speculators having exited.