Posted:
- Pudgy Penguins has seen its bottom price increase by 270% in the past three months.
- More Pudgies than Monkeys have been collected by existing keepers in the last 30 days.
After a long winter that froze trading activity, the token became non-fungible [NFT] the market heated up.
An intense battle unfolded at the top of the list, with top collections vying for NFT supremacy.
The rise of the planet of Penguins?
In a notable development, the floor price of Pudgy Penguins, the collection with the third highest market capitalization, briefly surpassed that of the second-ranked Bored Ape Yacht Club. [BAYC] on February 17.
According to AMBCrypto’s research into OpenSeas According to data, the bottom price of Pudgy Penguins reached 22.9 Ethereum [ETH] around 10:00 UTC.
This surpassed the entity owned by Yuga Labs, whose floor price at the same time was 22.65 ETH.
However, at the time of writing, BAYC claimed the second spot as the floor price recovered to 23.6 ETH, while Pudgy Penguins witnessed a drop to 21.89 ETH.
A floor price is the lowest price an NFT within a collection can be sold for. It has become one of the most common metrics collectors use to evaluate the growth of a collection. The higher, the better.
Pudgy Penguins, a collection of unique 8,888 cartoon NFTs featuring cute penguins, has seen a 270% increase in its floor price over the past three months. At the same time, sales volume has more than doubled.
Source: OpenSea
In contrast, the popular BAYC NFTs have been struggling lately. The floor price has fallen almost 25% in the last 90 days, while NFT sales have fallen 83%.
Source: OpenSea
Chubby holders on an accumulation wave
The sharp contrast in demand for the two top NFTs was also reflected in the accumulation behavior of existing holders.
According to an analysis company in the chain NansenPudgy owners have added approximately 224 Pudgy Penguins NFTs to their inventory in the past month. During the same period, approximately 72 monkeys were seized by existing BAYC holders.
Both BAYC and Pudgy Penguins launched around the height of the 2021 NFT bull market.
As BAYC sprinted over the coming months, the renewed interest in Pudgy Penguins was likely due to the excitement surrounding the impending launch of Pudgy world.