Pudgy Penguins NFTs Flip Bored Ape Yacht Club, Transactions Soar 597% in a Week

Pudgy Penguins NFTs Flip Bored Ape Yacht Club, Transactions Soar 597% in a Week

  • Pudgy Penguins spiked 597% in terms of weekly transaction volume.
  • Sales volume topped Trump Cards, BAYC and Moonbirds NFTs.
  • The NFT floor price of Pudgy Penguins hit an all-time high (ATH).

The Pudgy Penguins NFT Collection on Ethereum (ETH) blockchain has stood the test of time and rebounded to attain multiple milestones this year. The virtual penguins living in the metaverse North Pole even topped the most successful blue-chip NFT collection, the Bored Ape Yacht Club, by transaction volume and sales in the last 24 hours. Indeed, a year after the NFT frenzy crested, flourishing NFT projects are a rare breed. To illustrate, the global NFT market recorded its first-ever quarterly loss in Q3 of 2022.

In a broader perspective, Yuga Labs’ trademark Bored Apes were the undisputed kings of the NFT jungle for most of 2021 and 2022. To illustrate, at the beginning of the year, one average trait Bored Ape would have been equivalent to 120 Pudgy Penguins NFTs. However, now the same regular trait Bored Ape NFT would only net eight Pudgy Penguins NFTs, as the floor price difference between the two popular collections is much closer.

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Pudgy Penguins Reach Record NFT Floor Price

The transition from an unknown NFT collection with a sketchy reputation to one of the most critically acclaimed NFT collections started in April 2022. The previous owner was accused of a rug pull, which led to the vast community behind Pudgy Penguins NFTs voicing their concern about the situation. Luca Netz heard their pleas. The NFT enthusiast acquired Pudgy Penguins NFTs for just 750 Ethereum (ETH).

Having bought the whole NFT collection for a fraction of the current price, new Chief Penguin Luca Netz announced the making of physical Pudgy Penguin toys. At the same time, another ten NFTs were sold at Sotheby’s, the world’s premier art auction and marketplace. Finally, the Pudgy Penguins can compete with the well-established blue-chip NFT collections on ETH, as the NFT floor price for a Pudgy Penguin NFT is close to reaching seven ETH, a crucial level of support in the current NFT market conditions.

On the Flipside

  • Pudgy Penguin NFT floor prices dropped by 7.37% in the last 24 hours to 6.22 Ethereum (ETH).
  • The NFT market keeps plunging, thus only six NFT projects grew their fanbase in the last two weeks on Twitter.

Why You Should Care

The Pudgy Penguins NFT project is seen as a long-term investment by many ‘diamond hands’ investors, as nearly 5,000 of the NFT collection is held by the wealthiest Ethereum whales and has never been sold.

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