Pudgy Penguins overtakes BAYC as second-largest NFT collection by market cap
Quick Take Pudgy Penguins’ floor price jumped 8.4% in the past 24 hours to 22.1 ETH ($86,922), boosting its market cap to $772.5 million. BAYC’s market cap stood at $755 million, while CryptoPunks remained the largest NFT collection with a market cap of $1.5 billion.
Pudgy Penguins, a popular non-fungible token project, has overtaken Bored Ape Yacht Club to become the second-largest NFT collection by market capitalization.
Pudgy Penguins’ floor price jumped 8.4% over the past 24 hours to 22.1 ETH ($86,922), marking a weekly increase of 44.9%, according to CoinGecko data . This boosted its market cap to $772.5 million, surpassing BAYC’s $755 million. CryptoPunks remains the largest NFT collection, with a market cap of $1.5 billion.
The rise in Puddgy Penguins NFTs follows last week’s announcement of an upcoming official token airdrop. The project is expected to launch its crypto token named “Pengu” on the Solana network this month, with a total supply of 88,888,888,888 tokens. According to a post on X, it plans to allocate 25.9% of the supply to the Pudgy community.
“With Pengu, the millions of Pudgy Penguin fans and the hundreds of millions of people outside of crypto that see and share the Pudgy Penguin every day finally have the opportunity to align themselves with the character,” the project said last week.
While the NFT market appears to have declined compared to its peak in 2022, the weekly trading volume has recovered slightly this month. During the week between Dec. 1 and Dec. 8, Ethereum-based NFTs recorded a trading volume of $91 million, up from $56.6 million the previous week. According to CryptoSlam data , this is the largest weekly volume since late March.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Will AI "sinking" risks drag down the US dollar?
Weekly US Equity Macro Outlook Highlights (Nov 9–13)
BofA Hartnett: Election signals "AI peak," Wall Street's "bull market beliefs collapse one by one"
Bank of America chief strategist Hartnett has identified the US election as a historic turning point marking the peak concentration of “AI stocks”: the market cap of the top ten AI giants has reached a high of 41%, equal to that of the internet bubble era. Wall Street's four major bull market beliefs—“the Fed not raising rates, Democrats not sweeping, no reduction in AI capital expenditure, and no economic recession”—are falling one by one. Looking ahead, gold is expected to outperform oil, tech bonds to outperform tech stocks, and there is optimism for technology stocks in Europe and China.
Crypto prices
More
