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Pudgy Penguins threatens BAYC’s dominance – What’s going on?

2min Read

The renewed interest in Pudgy Penguins was likely due to the upcoming Pudgy World. 

Pudgy Penguins threatens BAYC's dominance - What's going on?

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  • Pudgy Penguins saw a 270% jump in its floor price over the last three months.
  • More Pudgys than Apes were accumulated by existing holders in the last 30 days.

After an extended winter that froze trading activity, the non-fungible token [NFT] market was getting heated up.

An intense battle was unfolding at the top of the list, with blue-chip collections competing for NFT supremacy.

The rise of the planet of Penguins?

In a notable development, the floor price of Pudgy Penguins, the collection with the third-highest market cap, briefly surpassed that of the second-ranked Bored Ape Yacht Club [BAYC] on the 17th of February.

According to AMBCrypto’s examination of OpenSea’s data, Pudgy Penguins’ floor price reached 22.9 Ethereum [ETH] at around 10 am UTC.

In doing so, it went past the Yuga Labs-owned entity, whose floor price was 22.65 ETH at the same time.

However, as of this writing, BAYC reclaimed the second spot as the floor price recovered to 23.6 ETH, while Pudgy Penguins witnessed a fall to 21.89 ETH.

A floor price is the lowest price that an NFT can be sold for. In recent years, it has become the standard when it comes to evaluating the growth of a collection. The higher the floor price, the better.

Pudgy Penguins, a collection of unique 8,888 cartoon NFTs featuring adorable penguins, has seen a 270% jump in its floor price in the last three months. At the same time, the sales volume has more than doubled.

Pudgy Penguins floor price increase

Source: OpenSea

In contrast, the popular BAYC NFTs have struggled lately. The floor price has plunged nearly 25% in the last 90 days, while the NFT sales have tanked by 83%.

BAYC floor price and volume falls

Source: OpenSea

Pudgy holders on an accumulation spree

The sharp contrast in demand for the two blue-chip NFTs was also reflected by the accumulation behavior of existing holders.

As per on-chain analytics firm Nansen, Pudgy owners added around 224 Pudgy Penguins NFTs to their stashes in the last month. In the same period, just about 72 Apes were grabbed by existing BAYC holders.

Both BAYC and Pudgy Penguins were launched around the pinnacle of the 2021 NFT bull market.

While BAYC sprinted in the months ahead, the renewed interest in Pudgy Penguins was likely due to the excitement surrounding the upcoming launch of Pudgy World.

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Aniket Verma works as a journalist at AMBCrypto. Contrary to most who are primarily interested in merely tracking price movements of cryptos, his focus is on examining the niche intersection between cryptocurrencies and traditional finance. A so-so Bitcoin maximalist, Aniket has a strong disdain for memecoins and the unfounded frenzy they seem to generate every market season. Coming from a strong engineering background, Aniket previously worked as a Content Manager for TV9 Network. Before his stint over there, he was an Associate Multimedia News Producer at Reuters.
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