It seems the Pudgy Penguins had a very merry Christmas indeed. Even though the world was collectively observing the holidays, NFT trading continued as usual and the Ethereum-based NFT penguins came out on top.
According to data from Nansen, Pudgy Penguins saw 1,200 ETH in trading volume in a 24-hour period, making it the top NFT collection this Christmas. As a result, recording more than twice the sales volume of its closest runner-up, the famous Bored Ape Yacht Club, during the same timeframe.
Congrats to all Pudgy Penguins, Lil Pudgys, and Pudgy Rods holders! 🐧🐣🎣
(Will retweet when it happens 💙) pic.twitter.com/aoF3jXJI0M
— Nansen 🧭 (@nansen_ai) December 28, 2022
This spike also reflected in the Pudgy Penguins floor price, which now sits gleefully at a massive 6.5 ETH ($7700) on OpenSea. Meanwhile, its companion collection Lil Pudgys, also saw a significant increase in value. These developments come at a good time as both collections saw a slump at the beginning of 2022 but now get to end the year on a high note.
The Pudgy resurgence can be partially credited to the management changes that have taken place within its ecosystem. Not only did NFT holders vote the original founders out due to mismanagement, but it has also branched out with a major Sotheby’s partnership last November.
If Pudgy Penguins can keep up this incredible momentum, the collection could easily dominate in 2023.
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Tokoni Uti has written extensively on blockchain and cryptocurrency for years. Her work has appeared on sites like BTCmanager and Blockchain Reporter. She has a degree in Corporate Communications.
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