Recent buzz surrounds Pudgy Penguins, all thanks to an imminent token launch reveal that has set off a flurry of activities across the ecosystem.
This surge in interest has notably boosted the floor price of the NFT collection in the last week, signaling a positive trend.
PENGU Token Launch Confirmation
The much-awaited PENGU token has transitioned from mere speculation to reality. Confirmations shared on Pudgy Penguins’ official X (formerly Twitter) page and founder Luca Netz’s profile indicate a slated launch in 2024.
Although the exact launch date remains undisclosed, the mere confirmation has sparked considerable enthusiasm within the NFT sphere.
The absence of a clear timeline has spurred discussions around the launch date, with some X users even speculating a specific day, like a popular post suggesting a December 24 debut for PENGU.
While unconfirmed, the heightened anticipation is already shaping market sentiment and boosting activities within the Pudgy Penguins ecosystem.
Rise in Pudgy Penguins Floor Price
The announcement has undeniably impacted the collection’s floor price. Data from Dune Analytics highlights a 50% surge in the Pudgy Penguins NFT floor price over the past seven days.
Over the last month, the collection has seen a remarkable 158% rise and an impressive 285% spike over the past year.
Currently, Pudgy Penguins’ floor price stands at 21.47 ETH, approximately $84,410, surpassing that of Bored Ape Yacht Club [BAYC], whose floor price is 19.69 ETH or $77,401 at press time.
With a 348% increase, the only collection outperforming Pudgy Penguins in year-to-date performance is Milady.
Community and Market Reaction
The community’s response to the token launch announcement has been overwhelmingly positive. Increased on-chain activities indicate more buyers are rushing to own Pudgy Penguins NFTs, anticipating further price hikes as the PENGU token launch nears.
This growing market confidence mirrors a broader trend where NFT collections incorporate utility tokens to enhance value and incentivize holders.
Yet, some observers may approach the launch with caution, drawing on the example of ApeCoin [APE] from BAYC, which initially traded over $13, briefly spiking above $25 before plummeting to around $1.6. The unique offerings and strategies of PENGU are yet to be revealed.