In a surprising turn of events, Pudgy Penguins are making waves by nearly toppling the once dominant BAYC. in terms of value, as they are both trailing CryptoPunks.
The price difference between BAYC and Pudgy Penguins has narrowed significantly this week. BAYC's minimum price is now 22.84 eth, down -2.81%, per CryptoSlam. Meanwhile, Pudgy Penguins surged by 15.36%, with its minimum price approaching 20 eth.
The trading volume between Pudgy Penguins and BAYC over the past seven days is noteworthy. BAYC recorded 5,812.4 eth, while Pudgy Penguins outperformed it by 80.41% with 10,486 eth.
Highlighting such a significant contrast, Pudgy Penguins nearly doubled its sales figures compared to BAYC, with 527 -tthe latter achieved 247.
Pudgy Penguins initially faced challenges after its launch in 2021, dealing with the impact of the crypto winter that swept the nft industry the following spring.
However, a strategic effort to improve brand value through social media participation, its Metaverse Initiativeand high-profile marketing proved fruitful.
The value of the collection increased, quadrupling in the fall of last year despite a period of sluggishness for the broader nft market.
Verify: The remarkable growth journey of chubby penguins in 2023
On the other hand, BAYC, which once symbolized the innovation and extravagance of the nft boom of 2021, has seen a decline in value since the start of crypto winter in May 2022.
Despite its initial success, with PFP selling for over $1 million to top celebrities, the project has struggled to maintain its value amid industry-wide trends, resulting in close competition with Pudgy Penguins.
Fundraising records underscore their importance. Pudgy Penguins raised $9 million in seed funding last year. By comparison, Bored Ape's Yuga Labs earned $450 million, reaching a staggering $4 billion valuation.
Despite ongoing efforts, both collections fall short of CryptoPunks, the influential pioneer of the nft space, which boasts a floor price of 56.90 eth and a market cap of 569,000 eth.
Although these two nft giants are on the verge of a dramatic shift in the hierarchy of nft valuations, CryptoPunks remains the reigning titan in the digital collectibles space.
Still, the question remains: Can the Pudgy Penguins turn around BAYC?
*All financial/investment opinions expressed by nft Plazas come from the personal research and experience of our site moderators and are intended to be educational material only. People should thoroughly research any product before making any type of investment.
