Recently, Pudgy Penguins has been gaining significant attention following the announcement of an upcoming token launch, sparking a flurry of activities in its ecosystem.
This surge has led to a notable increase in interest and a positive impact on the base price of the NFT collection over the past week.
Confirmation of PENGU Token Launch
The highly awaited PENGU token is no longer just a rumor; official announcements on Pudgy Penguins’ social media channels and founder Luca Netz’s account confirm the token’s scheduled launch in 2024.
While the exact launch date remains undisclosed, the mere confirmation has stirred immense excitement among the NFT community.
The uncertainty surrounding the launch date has given rise to various speculations. Some users have even speculated on a specific launch date, with a popular post suggesting the 24th of December as a potential debut for PENGU.
While this date is unverified, the escalating anticipation is already impacting market sentiment and driving engagement within the Pudgy Penguins ecosystem.
Spike in Pudgy Penguins Floor Price
This announcement has directly affected the collection’s floor price, with data from Dune Analytics illustrating a 50% surge in Pudgy Penguins’ NFT floor price over the past week.
Over the last month, the collection has witnessed a 158% rise and an impressive 285% jump over the past year.
At present, Pudgy Penguins’ floor price hovers around 21.47 ETH, approximately $84,410.
This increase has propelled the collection ahead of Bored Ape Yacht Club [BAYC], which currently holds a floor price of 19.69 ETH, equivalent to $77,401.
Among all collections, only Milady has outperformed Pudgy Penguins with a 348% year-to-date (YTD) increase.
Community and Market Reaction
The Pudgy Penguins community has responded enthusiastically to the news of the token launch.
There has been a surge in on-chain activity, with more buyers rushing to acquire Pudgy Penguins NFTs, anticipating further price appreciation as the PENGU token launch draws closer.
This growing market confidence aligns with a wider trend where NFT collections are incorporating utility tokens to enhance value and incentivize holders.
However, some observers may approach the launch with caution, considering the precedent set by the launch of ApeCoin [APE] from BAYC, which initially traded at over $13, reaching a high of $25 before plummeting to around $1.6. The success and differentiation of PENGU are yet to be unveiled.