Outside Source
Pudgy Penguins, an Ethereum-based NFT collection, has surpassed Bitcoin’s price on OpenSea.
The collection’s most expensive Penguin is now for sale at 50.3093 ETH or $197,508.78 on on the NFT marketplace OpenSea. This makes it one of the priciest Picture-for-Profile NFT projects. At present, the cheapest Pudgy Penguin is priced at 27.65 ETH or $108,460, at Ethereum’s price of $3,921.61. Bitcoin (BTC), on the other hand, is currently hovering around $101,445, making some Pudgy Penguin NFT worth more than the world’s largest cryptocurrency. In the last seven days, Pudgy Penguins has grabbed 21.88% market dominance, dethroning Bored Ape Yacht Club, whose dominance sits at 16.31%, as per Coingecko.
The NFT’s market dominance has more than tripled since October 2024, when it was as low as a 9.5% share of the market. The increase in Pudgy Penguins’ price comes after a broad NFT market recovery. Much of the interest surrounding Pudgy Penguins has come from the recent announcement that the Pudgy Penguins ecosystem will launch the Pengu coin ($PENGU) coming on Solana (SOL) this month.
In addition to its foundational purpose, the token is designed to incentivize holders across the Pudgy Penguins ecosystem, which will positively influence token value and market sentiment.
According to Coingecko, Nov. NFT sales volumes surged 57.8% to $562 million, the highest monthly figure since May. Recent market data shows that there were over 12,000 active wallets and over $180 million in sales at the end of November. This growth was pushed mainly by blue-chip collections, with CryptoPunks and Pudgy Penguins leading the pack, the latter seeing its floor price rise 262% over the course of November, surging from 8.7 ETH to 13 ETH before its current jump in price.
This article first appeared at crypto.news
