Pudgy Penguins NFTs Are Now Worth More Than Bitcoin

The Pudgy Penguins non-fungible token (NFT) collection overtook Bitcoin late Wednesday as the community around the once-forgotten NFTs was reawakened over the last few days amid an upcoming token airdrop.

Data from CoinGecko showed that as of early Thursday, Pudgy Penguins are now worth more than $108,000 each (27.55 Ethereum) following a significant spike above 14% in the last 24 hours. To compare, Bitcoin is currently trading above $100,400.

The NFTs have been rallying by more than 80% in the last seven days amid a 191% spike in the past month, fueled by speculation and excitement over the upcoming PENGU token.

Why is the NFT Collection Surging?

There was a time when the world of blockchain and cryptocurrencies appeared to have forgotten about the Pudgy Penguins, especially as hype and interest around NFTs shifted toward other blockchain segments.

However, things started picking up in the last two years, following the acquisition by Netz Capital in 2022 after months of turmoil within the community and the ousting of its leadership. Since then, under the leadership of Luca Netz, the NFT brand has evolved.

Pudgy Penguins started expanding into physical toys and also engaged in blockchain-infused video games. Attention also returned to the brand after its parent company, Igloo, raised over $11 million to develop a new Ethereum Layer-2 network and consumer-centric chain.

As the community started talking about the NFT brand once more, the team announced last week that it will launch the PENGU token, the brand's official coin, before the year ends.

With a supply of 88.88 billion coins, crypto users are already excited about the launch. A total of 25.9% of the token supply will be allocated for the Pudgy Penguins community.

Notably, PENGU tokenomics has 4% allocated for "public good," and 24.12% will be made available for "other communities."

Crypto Community Celebrates Pudgy Penguins Milestone

Cryptocurrency users are ecstatic about the news that Pudgy Penguins have now overtaken Bitcoin, the world's largest cryptocurrency by market value.

"What Luca Netz, their team, and community has accomplished is outstanding," said one user, while another user said the NFT collection has "just declared itself the superior financial asset."

Trader Thomas Kralow said that it appears NFTs are also on a bull run, at least based on the Pudgy Penguins collection's floor price movement.

On the other hand, there were also some who said Pudgy Penguins will be "BAYC 2.0," referring to how the Bored Ape Yacht Club NFT collection significantly surged then ultimately lost much of its value in a few years.

Still, most of the comments regarding the collection's achievement have been positive, with many saying the team that revamped the NFT project after its acquisition "earned" their due to be on the headlines.