The post Pudgy Penguins Hit All-Time High Price as NFTs Rebound With Bitcoin Above $100K appeared on BitcoinEthereumNews.com.

Prominent Ethereum NFT collection Pudgy Penguins has seen a more than 40% price pump this week, notching a new all-time high of more than $62,000 amid a crypto rally that pushed Bitcoin above $100,000 for the first time late Wednesday. The collection, which consists of 8,888 penguin NFT profile pictures (PFPs), previously held an all-time high floor price of just more than $57,000 that it set in February 2024, according to data from NFT Price Floor. The floor price of a collection refers to the lowest asset price listed for sale on a secondary marketplace.  The swift flight higher for Penguins comes alongside a notable increase in floor prices for other top collections, sending prices higher for major collections like Bored Ape Yacht Club and CryptoPunks, which have risen 69% and 31% respectively. Pudgy Penguins morphed from a failing project into a notable crypto-native IP under the leadership of Luca Netz, who acquired the project from the founders in 2022. Since then, Pudgy Penguins has entered retail giants like Walmart and Target with toy lines and racked up sizable social media followings, while also expanding into NFT gaming. In July, on the WSH Podcast, Netz said that he “is betting on himself,” suggesting that Penguins would reach a 200 ETH floor price during this cycle—more than $780,000 at the current Ethereum price. From its current floor price of 15.82 ETH, Penguins would need to increase by more than 12x to hit Netz’ target. For reference, the Bored Ape Yacht Club peaked at a floor price of about $429,000 (152 ETH) in April 2022, at the tail end of the original NFT bull run, but has since plunged to a price of about $83,500 (21.5 ETH) as of this writing. The increase in floor prices for Pudgy Penguins and other top…

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Filed under: News - @ December 6, 2024 7:21 pm