The Pudgy Penguins NFT collection has recently reached a major milestone, recently overtaking the Bored Ape Yacht Club in a market cap. The PENGU token has absolutely exploded lately! This recent increase is a sign of a possible NFT market-wide resurgence and is tied to the overall Pudgy Penguins ecosystem. Today the collection has a total market cap of $360 million. This remarkable expansion is largely powered by the stellar performance of its native token.
PENGU Token's Meteoric Rise
The PENGU token, which was released in December 2024, has seen massive appreciation, especially over the last few weeks. Even more impressive, the token has already skyrocketed 385% in just the last 5 weeks. This rally has generated increased attention and money into the Pudgy Penguins NFT collection. The rally launched in that last week of June. The token has since bounced off support at $0.007737, resulting in five straight bullish weekly candles.
The token’s price is now hovering around $0.033, marking a 504% rebound from its all-time market low. The increase in market value reflects incredible confidence in the Pudgy Penguins ecosystem. It further highlights the growing power of the PENGU token in that ecosystem. PENGU is used as a governance token. It allows holders to participate in real-world decision-making processes that will determine the future of the Pudgy Penguins project.
Pudgy Penguins vs. CryptoPunks
Though Pudgy Penguins have enjoyed impressive momentum, collections across the NFT space are awakening from their multi-month slumber. For instance, CryptoPunks saw a massive 4,600% increase in volume during one timeframe. In fact, the average price of a CryptoPunk NFT is 783 times the average price of a Pudgy Penguin. The average price of a CryptoPunk is around $181,480. The highest-selling Pudgy Penguins only got as high as $57,520 peaks.
The diverging fortunes of these two collections shines a spotlight on the changing tide of the NFT market. Now we have the real world established projects like CryptoPunks that still dominate value. Increasingly, other community-driven projects like Pudgy Penguins are lapping them and fucking up the old guard. The rise of Pudgy Penguins, fueled by the PENGU token, suggests a shift towards projects that offer utility and community engagement.
Broader NFT Market Revival?
Pudgy Penguins has gone through explosive growth. This increase, coupled with the increasing activity on bottoms like CryptoPunks, provides an indication that the NFT market may be recovering. Following a pretty significant cooling-off period, excitement and momentum surrounding the NFT market are pretty much back in full force. Investment is flooding back in, signaling an inevitable boom. The 385% rally in PENGU token has not only propelled the Pudgy Penguins NFT collection but has contributed to the overall positive sentiment surrounding digital assets.