What happened?
The floor price of Pudgy Penguins NFTs (non-fungible tokens) has surged, breaking through '$100,000,' making it more expensive than one Bitcoin.
The reason for the surge is related to the upcoming launch of the 'PENGU' token by Pudgy Penguins. The project team is about to airdrop this token to NFT holders in the ecosystem.
Pudgy Penguins floor price breaks through $100,000
The floor price of the well-known NFT (non-fungible token) project Pudgy Penguins has surged in the past week, breaking through $100,000, making it the second-largest NFT series after Bored Ape Yacht Club.
This recent price surge is mainly related to the airdrop plan for the 'PENGU' token that this NFT series will launch. The token will be launched on the Solana blockchain and will allocate tokens to contributors in the Pudgy Penguins community and its ecosystem.
According to data from the NFT Price Floor platform, the floor price of Pudgy Penguins increased by more than 20% within a week, rising from $62,000 to over $103,000. Additionally, other NFTs within its ecosystem, such as 'Lil’ Pudgys' and 'Pudgy Rods,' have also increased by over 90% in the past seven days.
According to foreign media (Decrypt), these two series will also receive PENGU token airdrops. The official expects to allocate 25.9% of the total of 8.888 billion PENGU tokens to NFT holders in the Pudgy Penguins ecosystem. The token is expected to be officially released by the end of 2024, but no specific date has been announced yet.
Who is Pudgy Penguins?
Pudgy Penguins is an NFT series launched in June 2021, during the explosive 'Spring of NFTs,' which attracted many collectors' attention due to its cute penguin design. The floor price once reached 6 Ethereum (about $18,000 at the time, or NT$540,000), making it one of the classic blue-chip projects.
However, it was later revealed that the original team had absconded with all the raised Ethereum and even planned to sell off the project, causing panic in the community and severely damaging holders' confidence in the project, leading to a drastic price drop.
In April 2022, it was a key moment for Pudgy Penguins' revival when 24-year-old e-commerce entrepreneur Luca Netz bought the entire project for 750 Ethereum (about $2.2 million at the time, or NT$65 million) and became the current CEO.
After Netz took over, he established the media platform 'Pudgy Media' to share project information and revitalized the official Instagram account, launched a dedicated NFT trading platform and physical merchandise, and airdropped 'soulbound tokens' (non-transferable NFTs) to increase a sense of belonging among holders, bringing the nearly scattered community back together.
After Netz took office, the key decision was to bring the 'Pudgy Penguins' virtual IP (intellectual property) into the physical world, which revived Pudgy Penguins that had fallen to rock bottom.
According to reports (CoinDesk), Pudgy Penguins' parent company Igloo has already generated over $10 million in sales after launching the 'Pudgy Toys' in the previous year.
Now, the floor price of Pudgy Penguins NFTs has skyrocketed, with the price of a single NFT surpassing one Bitcoin, making people wonder if the 'Spring of NFTs' will return.
Source: Decrypt, CoinDesk
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