Coinbase Announces New Listings: $PNUT And Major Tokens

he Ethereum-based NFT collection Pudgy Penguins reached an amazing milestone, hitting a floor price of $108,342 (27.64 ETH). For the first time, the collection is now worth more than Bitcoin, which sits at approximately $101k.

It solidifies Pudgy Penguins as the second-biggest NFT collection by market capitalization, while CryptoPunks is the only collection in its lead, trading at 39.5 ETH ($150,000). The increase reflects increased adoption in rising non-traditional asset classes.

What Is Behind Pudgy Penguins' Price Spike?

Driving factors include a few important ones that have been very key in the meteoric popularity of Pudgy Penguins NFTs. One important reason has been the very well-announced release of the $PENGU token. To be more specific, it will be released on the Solana blockchain before the year ends, with a total supply of 88,888,888,888, and 25.9% allocated to the Pudgy Penguins community. A model like this is pretty great for enabling strong community participation and engagement.

Although $PENGU is launching on Solana, it must be considered that the Pudgy Penguins hailed from Ethereum. This token launch on Solana is part of a broader strategic push toward interoperability. Cross-chain capabilities extend the ecosystem to a wider audience, successfully acquiring Solana-based investors.

Other secondary collections within the Pudgy Penguins ecosystem also saw soaring floor prices, upwards of 90% this week alone, and each of these collections brings various companions to further build and diversify the ecosystem in the interest of collectors and investors alike.

Community-Centric Growth

Success with Pudgy Penguins relies completely on the active and engaged community. There are 8,888 unique NFTs in the collection, each with different traits determining their rarity and, correspondingly, the value of NFTs. Community-driven initiatives together with timely upgrades and ecosystem expansion sparked even more interest in this project.

According to data from OpenSea, the Pudgy Penguins collection has been among the best-performing NFT projects, with total trading volumes well over 200,000 ETH over the years. This is indicative of strong investor confidence through vigorous secondary market activity.

It represents the sale of Pudgy Penguins for $108,342 and marks a moment that rewires the ambitions of both collectors and fans alike when cute characters and community-driven projects often oversell their financial potential along the NFT landscape.