Pudgy Penguins NFTs Surge Above $100K on Solana Airdrop Hype – Decrypt

The Pudgy Penguins flooring worth broke by way of $100,000, up greater than 20% within the final 24 hours, as pleasure and hypothesis encompass the Ethereum NFT undertaking and its upcoming token airdrop on Solana. 

The gathering of 8,888 Penguin NFTs broke an all-time excessive mark final week when it started buying and selling round $62,000. Shortly thereafter, the undertaking’s crew introduced that an ecosystem token—PENGU—can be launched on Solana within the close to future, rewarding holders of the Pudgy Penguins ecosystem and past.

Since that point, Pudgy Penguins has cemented itself because the second most-expensive profile image (PFP) undertaking, rising by 99% within the final seven days to a present worth of over $103,000 value of ETH—a brand new all-time excessive mark—and surpassing the Bored Ape Yacht Membership within the course of, in line with information from NFT Worth Ground.

The ground worth generally refers back to the lowest worth for an asset listed on an NFT market. The Pudgy ecosystem of NFTs has additionally seen a pointy rise, as its companion collections Lil’ Pudgys and Pudgy Rods (aka Rogs) are each up greater than 90% within the final seven days.

Each collections are anticipated to obtain a portion of the upcoming PENGU airdrop, which is able to present 25.9% of its complete 88.88 billion token provide to the Pudgy Penguin neighborhood. 

PENGU is predicted to launch a while earlier than the tip of 2024, although no official date has been introduced.

Nonetheless, pre-market buying and selling has begun on purposes like Whales Market, the place PENGU has traded routinely between $0.04-$0.05 on almost $300,000 in lifetime quantity. 

Whereas pre-market information is often risky and unreliable, Whales Market pre-market buying and selling successfully ballparked the worth of Tuesday’s ME token airdrop from NFT market and Bitcoin decentralized trade, Magic Eden. 

Estimates based mostly on present pre-market buying and selling might place the PENGU totally diluted valuation, or the worth of the token multiplied by the full token provide, at $4.5 billion—a mark that may put the PENGU token in the identical vary and FDV of tokens like AAVE or PYTH, each high 100 tokens by market capitalization in line with CoinGecko.

Pudgy Penguins was as soon as a near-forgotten NFT model, however has blossomed into probably the most recognizable manufacturers in web3 since its acquisition in 2022 by present chief, Luca Netz. The model has since expanded into bodily toys offered at main retailers like Walmart and Goal, in addition to blockchain-infused video video games.

The undertaking’s mum or dad firm, Igloo Inc., not too long ago raised greater than $11 million to construct out Summary, an Ethereum layer-2 community and consumer-focused blockchain. 

Edited by Andrew Hayward