The Pudgy Penguins NFT collection reached a low price of US$100,000 (AU$157,000), surpassing the price of Bitcoin and rising 194% in the past 30 days. The reason for the price hike is the scheduled launch of the official ecosystem token $PENGU on the Solana blockchain this month.
Pudgy Penguins, a popular non-fungible token (NFT) collection, has achieved a low price of US$100,000 (AU$157,000), surpassing even the price of Bitcoin (BTC).
According to CoinGecko data, the Pudgy Penguins collection has risen 194% in the past 30 days, and its current price is 26.98 Ether (ETH), marking the collection's highest price since its launch in mid-2021.
Today alone, the lowest price has increased by 16.1%.
Pudgy Penguin ETH Price, Source: CoinGecko
Related: No, Google's Willow Quantum Compute chip is not a threat to Bitcoin (yet)
The Pudgy Penguins collection consists of 8,888 unique NFTs. This is one of the most memorable NFT collections in the Web3 space, forming highly successful partnerships with the likes of Walmart and Target, and achieving great success in 2021-2022.
So what is driving up prices? Well, Pudgy Penguins experienced a buying spree following the announcement of the launch of their official ecosystem token $PENGU, which is set to launch on the Solana blockchain this month.
The exact release date has not been revealed, but the team confirmed it will be this year. So far, this coin is known to have a supply of 88,888,888,888 tokens. While the NFT collection will remain on Ethereum, launching the tokens on the Solana blockchain will allow the team to take advantage of a faster, more scalable network.
Meanwhile, current and future team members will receive 17.8% of the supply, subject to a one-year cliff and a three-year vesting period. This essentially means that you will have to wait four years before you can sell your tokens, so the project aims for long-term sustainability.
NFTs surge in December
Overall, the NFT market saw a notable rise in December this year, with total sales reaching US$187 million (AU$293 million), an additional 6 million more than November's figure. Unsurprisingly, Ethereum, the blockchain on which most NFTs coexist, led the market, with sales reaching US$92 million (AU$144 million).
RELATED: Insider Leak, Donald Trump's Ambitious Bitcoin Price Prediction
Pudgy Penguins and Cryptopunks are dominating the market, with both collections seeing increased minimum prices.
