Pudgy Penguins NFT Collection Floor Price Hits US$100K, Outpacing Bitcoin (BTC) Price

Popular non-fungible token (NFT) collection, Pudgy Penguins, has achieved a floor price of US$100K (AU$157K), even outpacing Bitcoin's (BTC) price.

The floor price for the popular Pudgy Penguins non-fungible token (NFT) collection has soared past Bitcoin’s (BTC) price, reaching an impressive $100,000 (around AU$157,000) on Monday.

According to data from CoinGecko, the Pudgy Penguins collection has seen a remarkable surge of 194% in the last 30 days. The collection is currently priced at 26.98 Ether (ETH), marking a new all-time high since its launch in mid-2021.

Notably, the floor price surged by 16.1% on Monday alone.

The Pudgy Penguins collection comprises 8,888 unique NFTs. It stands as one of the most recognizable NFT collections within the Web3 space. In the past, the collection has forged successful partnerships — such as those with Walmart and Target — and enjoyed substantial success throughout 2021-2022.

So, what's driving this surge in price? Well, it appears that the Pudgy Penguins have attracted a buying spree following the announcement of the upcoming launch of the official ecosystem token, $PENGU, which is set to be launched on the Solana blockchain later this month.

Introducing $PENGU, the official coin of Pudgy Penguins.

Launching in 2024. Learn more below. pic.twitter.com/J715bODcM6

The precise release date for the token has not yet been revealed, but the team has confirmed that it will be arriving this year. So far, we know that the coin will have a total supply of 88,888,888,888 tokens.

Do note that the NFT collection will continue to be hosted on Ethereum, but launching the token on the Solana blockchain will enable the team to leverage a faster and more scalable network.

Meanwhile, 17.8% of the supply will be allocated to current and future team members, subject to a one-year cliff and three-year vesting period. This essentially means that they will have to wait four years before being able to sell their tokens, indicating the project's aim for long-term sustainability.

NFTs Experience a December Surge

Overall, the NFT market has witnessed a notable uptick this December, reaching a total of $187 million (around AU$293 million) in sales — surpassing November's figures by six million.

Unsurprisingly, Ethereum, being the blockchain where the majority of NFTs co-exist, led the market with sales reaching $92 million (around AU$144 million).

Among the top performers were the Pudgy Penguins and CryptoPunks collections, both of which have seen an increase in their floor prices.