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Pudgy Penguins Gains Over BAYC – What Caused This Shift?
Pudgy Penguins has taken the NFT world by storm as its floor price surged by 50% in just seven days, surpassing that of Bored Ape Yacht Club (BAYC) for the first time. The sudden and dramatic shift in value can be attributed to the confirmation of a token launch, scheduled for 2024.
The Pudgy Penguins community is abuzz with excitement as the announcement sparked a flurry of activity within the ecosystem. On-chain metrics have revealed a substantial increase in buyer interest, leading to a surge in floor price from an already impressive base.
It has been less than a week since this news broke, and we are already witnessing extraordinary results. In just seven days, the Pudgy Penguins floor price skyrocketed by 50%, landing at a staggering 21.47 ETH or approximately $84,410. This rise marks a pivotal turning point in market sentiment.
For perspective, data from Dune Analytics reveals that the collection has experienced an impressive year-to-date (YTD) performance of over 285%. This meteoric growth is being fueled by the upcoming PENGU token launch.
Pudgy Penguins has not only outperformed BAYC but also eclipsed other top-performing NFT collections like Milady, which has seen a relatively moderate 348% YTD increase.
The sudden shift in value is attributed to the impending launch of the PENGU token.
Source: ambcrypto.com
