Pudgy Penguins becomes 2nd largest NFT collection by market cap
Popular non-fungible token project Pudgy Penguins has surpassed Bored Ape Yacht Club (BAYC) to take the position as the second largest NFT collection in terms of market capitalization. In the first position as the largest NFT collection is CryptoPunks with a $1.5 billion market capitalization.
Pudgy Penguins rise
According to CoinGecko data, Pudgy Penguins' floor price increased 5.9% in the last day to 22 ETH ($85,814), representing a 44.3% weekly increase. As a result, its market capitalization increased to $762,711,891, exceeding that of Yuga Labs’ flagship BAYC by $740,969,827.
Pudgy Penguins has grown to be one of the most popular NFT collections since its debut in 2021. By forming retail alliances with Target and Walmart, it has expanded its offline presence. Pudgy Penguins have become the face of cryptocurrency over the last three years with over 50 billion views, millions of homes worldwide, and millions of followers.
Pudgy Penguins to launch native token Pengu on Solana
The announcement of an upcoming official token airdrop last week resulted in the increase in Pudgy Penguins NFTs. With a total supply of 88,888,888,888 tokens, the project is anticipated to launch its cryptocurrency token, "Pengu," on the Solana network this month. It plans to distribute the Pudgy community 25.9% of the supply and 24.12% to other communities and roughly 5,000,000 new huddle members, per a previous post published by Whaleinsider News.
NFT market decline
The weekly trading volume has somehow increased this month, despite the NFT market seemingly having fallen from its 2022 peak.
The NFT-based virtual sneaker startup RTFKT, which Nike purchased in 2021, has announced its decision to close. The ongoing drop in NFTs over the previous two years is probably what motivated this decision. By January 2025, the company will shut down its web3 operations.
Nike is not the only company that has retreated from NFTs, though. Kraken said it was closing its NFT marketplace last week in order to focus on other initiatives. Listing, bidding, and selling features for users were stopped by the platform.
Meanwhile, the trading volume of Ethereum-based NFTs increased from $56.6 million to $91 million during the week between December 1 and December 8. This is the highest weekly volume since late March, per CryptoSlam data.
During the bull market, NFTs, like cryptocurrencies, produced a number of millionaires. However, before the market and excitement saw a decline, investors enjoyed a brief period of profitability.
Disclaimer
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