After trading within the same range for over a year, Pudgy Penguins' price floor has finally broken upwards and is setting new all-time highs. In terms of 24-hour trading volume, the Ethereum-based non-fungible token (NFT) lineup has surpassed Bored Ape Yacht Club (BAYC) and other so-called "blue chip" digital collectibles - its 1,200 ETH is nearly double that of the runner-up, BAYC.
At the time of writing, the floor for Pudgy Penguins is 7.1 ETH, and the floor for Doodles NFTs is 6.9 ETH. This surge in trading activity coincides with Pudgy Penguins setting new all-time highs for ETH-denominated floor price, a popular metric. The lowest price for a "Pengu" on the NFT trading platform OpenSea was 7 ETH. According to Nansen, this is a 32 percent increase in 24 hours.
Since December 2021, the collection's floor has ranged between 0.59 ETH and 4.09 ETH; it finally broke upwards to 4.9 ETH on December 10, 2022. It then proceeded to consolidate to 4.1 ETH and is now firmly in price discovery, which is quite an accomplishment given the difficulty of the current market conditions.
The director of research at Proof.xyz, NFTstatistics.eth, tweeted, "Even w Pudgy Penguins pumping, Lil Pudgys are pumping more. First time they've been at a 0.1 ratio relative to Big Pudgys."
According to additional reports, the average Pengu is now selling for 6.5 ETH, breaking the collection's previous high-water mark of 6.11 ETH set on December 9. Penguins last demonstrated such market strength in August, when its owner signed a licensing agreement for Pudgy Penguin toys. Notably, despite its lower market capitalisation, Pudgy Penguins became one of the most popular profile picture collections on crypto Twitter real quick. It is now almost as recognisable as CryptoPunks and Bored Apes.
Punk9059, the NFT club Proof Collective's pseudonymous director of research, attributes the surge to "the right combination of a very active founder" and "a fair number of influencers getting on board." The Ethereum-based collection, which consists of 8,888 items, features cartoon images of adorable, wholesome-looking penguinsâ€”a welcome change from the wacky art favoured by most NFT projects.
The writer is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash