Pudgy Penguins NFT sees a 270% Increase in Floor Price, Outperforms Bored Ape Yacht Club
Pudgy Penguins NFT has witnessed an impressive 270% surge in its floor price over the last three months, making it one of the top contenders in the non-fungible token (NFT) market. This surge in price has been accompanied by a significant increase in sales volume, with more collectors gravitating towards the adorable penguin-themed NFT collection.
The competition among blue-chip NFT collections has intensified in recent times, with Pudgy Penguins and Bored Ape Yacht Club (BAYC) battling for supremacy. On the 17th of February, Pudgy Penguins briefly surpassed BAYC in terms of floor price, an important metric used to evaluate the growth of a collection. At its peak, Pudgy Penguins’ floor price reached 22.9 Ethereum (ETH), overtaking BAYC’s floor price of 22.65 ETH. However, BAYC quickly reclaimed its position, with its floor price recovering to 23.6 ETH, while Pudgy Penguins fell to 21.89 ETH.
Despite this temporary setback, the rise of Pudgy Penguins cannot be ignored. The collection, consisting of 8,888 unique cartoon NFTs, has seen a remarkable surge in both floor price and sales volume. The floor price of Pudgy Penguins has jumped by 270% in the last three months, while the sales volume has more than doubled. This indicates a growing demand and interest in the collection among NFT collectors.
In contrast, Bored Ape Yacht Club has faced some challenges in recent months. Its floor price has plunged by nearly 25% in the last 90 days, while NFT sales have seen a significant decline of 83%. This decline in demand for BAYC NFTs is in stark contrast to the increasing popularity of Pudgy Penguins.
The accumulation behavior of existing holders further highlights the diverging demand for these two blue-chip NFT collections. According to on-chain analytics firm Nansen, Pudgy owners added around 224 Pudgy Penguins NFTs to their collections in the last month. In comparison, existing BAYC holders only acquired around 72 Apes during the same period. This disparity in accumulation reflects the growing excitement and interest surrounding the upcoming launch of Pudgy World.
Both Pudgy Penguins and Bored Ape Yacht Club were launched during the peak of the 2021 NFT bull market. While BAYC experienced a surge in popularity, Pudgy Penguins has experienced a resurgence in interest, driven by the anticipation and hype surrounding Pudgy World. As collectors continue to seek unique and valuable NFT collections, the battle for supremacy among blue-chip NFTs is likely to intensify, with Pudgy Penguins making a strong case for itself.
Analyst comment
Positive news: The floor price of Pudgy Penguins has seen a 270% jump in the last three months, indicating a growing demand for the NFT collection. Furthermore, existing holders of Pudgy Penguins accumulated more NFTs compared to Bored Ape Yacht Club (BAYC) holders in the last 30 days.
As an analyst, it is expected that the market for Pudgy Penguins will continue to thrive due to the increasing floor price and the anticipation surrounding the launch of Pudgy World. However, BAYC may continue to struggle as its floor price has plunged and NFT sales have declined.
