Pudgy Penguins Surpasses BAYC as Second-Largest NFT Collection by Market Cap
Renowned NFT collection Pudgy Penguins has surpassed Bored Ape Yacht Club (BAYC) to become the second-largest NFT collection by market capitalization. CoinGecko data indicates that the floor price of Pudgy Penguins increased by 8.4% in one day, reaching 22 Ether, approximately $85,200. Over the past week, the project experienced a 44.3% value increase, raising its market capitalization to $770 million.
BAYC, which previously held the second position, now has a market capitalization of $760 million. CryptoPunks remains the largest NFT collection, with a market cap of $1.5 billion.
The rise in Pudgy Penguins’ valuation follows the announcement of its official token, Pengu, set to launch on the Solana blockchain with a total supply of 88.9 billion. Of this, 25.9% is allocated for the Pudgy Penguins community, emphasizing the project’s commitment to rewarding its supporters.
About Pudgy Penguins
Pudgy Penguins launched in August 2021 as a collection of 8,888 unique NFTs on the Ethereum blockchain. Each NFT features a cartoon penguin with various traits, including clothing and backgrounds.
The project has expanded beyond digital art into physical products through the successful Pudgy Toys line, which includes plushies and figurines sold at major retailers such as Walmart, Amazon, and Target. CEO Luca Netz reported over 20,000 unit purchases within two days of the Pudgy Toys launch.
Pudgy Penguins also introduced Pudgy Kindness, an initiative recognizing individuals who promote empathy and authenticity, further strengthening its community-focused ethos.
NFT Market’s Recent Growth
Despite a downturn in the NFT market in 2024 compared to its peak in 2022, trading volumes are recovering. Ethereum-based NFT trading reached $91 million during the week of December 1–8, up from $56.6 million the previous week. Global NFT sales volumes rose by 3% to $173 million, the highest since mid-November.
This resurgence occurs amid increased scrutiny from the US Securities and Exchange Commission (SEC). Enforcement actions against projects like Impact Theory highlight compliance risks. Pudgy Penguins CEO Luca Schnetzler has previously dismissed the SEC's recent actions as “nonsense.”