key takeaways
- Pudgy Penguins has passed its all-time high and is now trading at 6.4 ETH.
- The collection had previously been stuck in a range between 0.59 ETH and 4.09 ETH.
- While NFTs are reaching new ATHs in terms of ETH, they have yet to reach new highs in dollar value.
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After spending over a year trading within the same range, the Pudgy Penguins price floor has finally skyrocketed and is now hitting new all-time highs.
Pudgies on price discovery
It turns out that some NFT collections are perfectly fine with crypto winter.
Pudgy Penguins, the iconic collection of flightless birds that took the NFT world by storm in the summer of 2021, has just seen its price floor break new all-time highs. At the time of writing, the cheapest items in the collection. they were negotiating for 6.4 ETH (valued at about $7,680).
The collection floor has fluctuated between 0.59 ETH and 4.09 ETH since December 2021; it finally broke to the upside at 4.9 ETH on Dec 10, 2022. It then proceeded to consolidate at 4.1 ETH and is now firmly in price discovery, quite a feat considering the difficult current market circumstances.
It is worth noting that while the Pudgy price floor has never been higher in terms of ETH, the NFT project has already seen higher dollar values: in August 2021, the price floor reached approximately $12,400 and in April of 2022 reached $11,300.
Launched in June 2021, Pudgy Penguins quickly became one of the most popular PFP (social media profile picture) collections on Crypto Twitter, almost as recognizable as CryptoPunks and Bored Apes despite their smaller market capitalization. Comprised of 8,888 items, the Ethereum-based collection consists of cartoon images of adorable and healthy-looking penguins, a welcome change from the wacky art favored by most NFT projects.
Pudgies were plagued with internal controversies early on, including the revelation that one of its founders, Cole Villemain, was running undisclosed paid NFT promotions; the founding team too suspicious to divert funds from the protocol treasury. Pudgy Penguins was later acquired by businessman Luca Netz for 750 ETH in April 2022 (worth about $2.5 million at the time).
Disclaimer: At the time of writing, the author of this article owned BTC, ETH, and various other crypto assets.
