Pudgy Penguins' PENGU Token Soars 26%, Shifts OP Market Cap

PENGU, the utility token of the Pudgy Penguins ecosystem, has surged approximately 26% in the last 48 hours, boosting its market cap to $2.8 billion and making Optimism's OP token the 58th largest crypto asset by value. market, according to CoinGecko. data.

The rally comes as rumors circulate that the second-largest nft collection could sign a partnership with Pokémon, the beloved and globally recognized entertainment franchise.

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BREAKING NEWS: There are rumors about a possible collaboration between Pudgy Penguins and Pokémon.

If it's true, <a target="_blank" href="https://twitter.com/search?q=%24PENGU&src=ctag&ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener noreferrer”>$HOSTAGE He's heading straight for the moon! pic.twitter.com/LAKdpWQn14

— broski (@broskisol) <a target="_blank" href="https://twitter.com/broskisol/status/1875812622505029682?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener noreferrer”>January 5, 2025

Apparently, a possible collaboration could increase the visibility of Pudgy Penguins, attract a broader audience, and drive greater interest and activity in the PENGU market.

However, some users are skeptical on these speculations, suggesting that they could be attempts to influence market sentiment. Pudgy Penguins have yet to comment on the rumours.

PENGU launched last December with a market capitalization of $2.3 billion and secured immediate listings on Binance, OKX and Bybit, crypto Briefing previously reported. The token's value initially reached $0.068 before falling to $0.031 following its airdrop to Pudgy Penguins nft holders, marking a drop of over 50%.

The token's decline was accompanied by a substantial drop in Pudgy Penguin nft prices, with the collection's minimum price dropping from 33 eth to 16 eth. However, the price floor has recently recovered, rising 30% in the last seven days to 23.85 eth ($86,000). <a target="_blank" href="https://www.coingecko.com/en/nft” target=”_blank” rel=”noopener nofollow noreferrer”>for CoinGecko.

The recent rally has helped nft collection overtake Bored Ape Yacht Club. It is now the second largest nft collection by market capitalization, second only to CryptoPunks.