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<p>Pudgy Penguins, the prominent NFT collection, has achieved a historic milestone by surpassing Bored Ape Yacht Club (BAYC) to become the second-largest NFT project by market capitalization.</p> 
<p>The collection’s floor price surged to an impressive 22.1 ETH ($86,922) in the past 24 hours, marking an 8.4% increase and pushing its total market capitalization to $772.5 million.</p> 
<p>This growth has positioned Pudgy Penguins ahead of BAYC’s $755 million valuation, though still trailing behind the market leader CryptoPunks, which maintains a commanding $1.5 billion market cap.</p> 
<h2 class="wp-block-heading" id="h-pudgy-penguins-nft-floor-price-surges-155-in-30-days"><strong>Pudgy Penguins NFT floor price surges 155% in 30 days</strong></h2> 
<p>The rise of Pudgy Penguins has been marked by exceptional trading activity and sustained growth across multiple timeframes. With a current floor price of $85,264, the collection has demonstrated resilience in the volatile NFT market. Trading volume in the last 24 hours reached 2,278 ETH ($8,794,802), with 102 individual sales completed.</p> 
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  <img loading="lazy" decoding="async" width="1024" height="65" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-168-1024x65.png" alt="Source:&nbsp;CoinGecko" class="wp-image-870152" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-168-1024x65.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-168-300x19.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-168-768x49.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-168-150x10.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-168-696x44.png 696w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-168-1068x68.png 1068w, https://www.thecoinrepublic.com/wp-content/uploads/2024/12/image-168.png 1182w" sizes="auto, (max-width: 1024px) 100vw, 1024px">
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   Source:&nbsp;CoinGecko
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<p>The collection’s performance metrics paint a picture of consistent upward momentum. Over the past week, Pudgy Penguins has recorded an impressive 44.8% increase in value, while the 30-day growth stands at 155.3%.</p> 
<p>This sustained appreciation sharply contrasts with the market trends of its competitors, with both CryptoPunks and BAYC experiencing declines of 9.3% and 10.5%, respectively, over the seven-day period.</p> 
<p>The project’s market capitalization now stands at $757,827,234 (196,247 ETH), positioning it firmly among the elite NFT collections.</p> 
<h2 class="wp-block-heading" id="h-pengu-token-launch-triggered-price-surge"><strong>PENGU token launch triggered price surge</strong></h2> 
<p>The price surge follows last week’s pivotal announcement of Pudgy Penguins’ expansion into the token economy with its upcoming “Pengu” token launch.</p> 
<p>The project has chosen the Solana blockchain for its token deployment, signaling a strategic move to use the network’s high performance and lower transaction costs.</p> 
<p>The total supply has been set at a precise 88,888,888,888 tokens, with a significant portion – 25.9% – earmarked for distribution to the existing Pudgy community.</p> 
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  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">Introducing <a href="https://twitter.com/search?q=%24PENGU&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$PENGU</a>, the official coin of Pudgy Penguins.<br><br>Launching in 2024. Learn more below. <a href="https://t.co/J715bODcM6">pic.twitter.com/J715bODcM6</a></p>— Pudgy Penguins (@pudgypenguins) <a href="https://twitter.com/pudgypenguins/status/1864851993094664602?ref_src=twsrc%5Etfw">December 6, 2024</a>
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<p>This tokenomics structure represents a deliberate effort to reward long-term supporters while creating new opportunities for broader market participation.</p> 
<p>The project’s leadership emphasized the inclusive nature of this expansion, noting that “Pengu will bridge the gap between crypto-native collectors and the millions of Pudgy Penguin enthusiasts who interact with the brand daily but haven’t yet entered the Web3 space.”</p> 
<p>The timing of the token announcement appears particularly strategic, coinciding with a broader recovery in NFT market sentiment.</p> 
<h2 class="wp-block-heading" id="h-how-has-the-nft-market-recovered"><strong>How has the NFT market recovered?</strong></h2> 
<p>The unprecedented success of Pudgy Penguins emerges against a backdrop of renewed vitality in the broader NFT marketplace. Recent data from CryptoSlam reveals a significant uptick in trading activity, with Ethereum-based NFTs recording their highest weekly volume since March.</p> 
<p>Between December 1 and December 8, the market registered $91 million in trading volume, representing a substantial increase from the previous week’s $56.6 million.</p> 
<p>This resurgence is particularly noteworthy given the market’s trajectory since its 2022 peak. While overall NFT trading volumes remain below historic highs, the current recovery signals a potential shift in market dynamics.</p> 
<p>The success of Pudgy Penguins, specifically its ability to outperform established collections like BAYC, suggests a maturing market where fundamental factors such as utility, community engagement, and strategic development increasingly influence valuations.</p> 
<p>The post <a href="https://www.thecoinrepublic.com/2024/12/09/pudgy-penguins-soars-past-bayc-claiming-second-spot-in-nft-rankings/">Pudgy Penguins Soars Past BAYC, Claiming Second Spot in NFT Rankings</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.</p>

Pudgy Penguins Soars Past BAYC, Claiming Second Spot in NFT Rankings

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