Pudgy Penguins' Floor Price Surges 270% in Three Months, Briefly Overtakes Bored Ape Yacht Club

Pudgy Penguins, a popular collection of unique cartoon NFTs featuring adorable penguins, witnessed a remarkable 270% jump in its floor price over the last three months. This surge in value has caught the attention of collectors and investors, leading to a fierce battle for supremacy among blue-chip collections in the non-fungible token (NFT) market.

On the 17th of February, Pudgy Penguins made a noteworthy development by briefly surpassing the second-ranked Bored Ape Yacht Club (BAYC) in terms of floor price. According to OpenSea's data, Pudgy Penguins' floor price reached 22.9 Ethereum (ETH) at around 10 am UTC, exceeding BAYC's floor price of 22.65 ETH at the same time. However, BAYC claimed back its second spot as the floor price recovered to 23.6 ETH, while Pudgy Penguins experienced a fall to 21.89 ETH.

The floor price is a crucial metric used by collectors to evaluate the growth of an NFT collection. It represents the lowest price at which an NFT can be sold within a collection. In the case of Pudgy Penguins, the significant surge in floor price showcases the increasing demand and value of these unique cartoon penguins. Furthermore, the sales volume for the collection has also more than doubled, highlighting its growing popularity among collectors.

On the other hand, Bored Ape Yacht Club has faced recent struggles. Its floor price has plummeted by nearly 25% in the last 90 days, and NFT sales have declined by a staggering 83%. This sharp contrast in demand between the two blue-chip NFTs is evident in the accumulation behavior of existing holders.

On-chain analytics reveal that Pudgy Penguin owners have been actively accumulating more NFTs from the collection, with around 224 Pudgy Penguins being added to their stashes in the last month alone. In contrast, existing BAYC holders only managed to grab about 72 Apes during the same period. This discrepancy further highlights the renewed interest and excitement surrounding Pudgy Penguins, potentially fueled by the upcoming launch of Pudgy World.

Both Bored Ape Yacht Club and Pudgy Penguins were launched during the peak of the 2021 NFT bull market. While BAYC experienced rapid growth in the months following its launch, the recent surge in demand for Pudgy Penguins signifies a renewed interest in this collection. With the anticipated launch of Pudgy World, it will be interesting to see how Pudgy Penguins continues to capture the attention of NFT enthusiasts and investors in the evolving market.

Analyst comment

Positive news:
– Pudgy Penguins saw a 270% jump in its floor price over the last three months.
– More Pudgys than Apes were accumulated by existing holders in the last 30 days.
– Pudgy Penguins’ floor price briefly surpassed that of Bored Ape Yacht Club (BAYC).

Negative news:
– The floor price of Bored Ape Yacht Club (BAYC) has plunged nearly 25% in the last 90 days, and NFT sales have tanked by 83%.

Neutral news:
– The NFT market is getting heated up after an extended winter period.
– There is an intense battle for NFT supremacy among blue-chip collections.
– BAYC has reclaimed the second spot after Pudgy Penguins’ brief surpassing.

As an analyst, the market is likely to continue being competitive among top NFT collections. Pudgy Penguins’ recent increase in floor price and accumulation by holders indicate growing interest and potential for further growth. However, the decline in BAYC’s floor price and NFT sales suggest a challenging period for the collection, although it remains popular. Overall, the NFT market is experiencing renewed excitement and attention.