In a surprising turn of events, Pudgy Penguins is making waves as it nearly flips the once dominant BAYC in terms of value — as both trail behind CryptoPunks.
The price gap between BAYC and Pudgy Penguins has narrowed significantly this week. BAYC’s floor price is now 22.84 ETH, down by -2.81%, per CryptoSlam. Meanwhile, Pudgy Penguins surged by 15.36%, with its floor price nearing 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 exceeded this by 80.41% with 10,486 ETH.
Highlighting such a significant contrast, Pudgy Penguins nearly doubled its sales numbers compared to BAYC, with 527 — the latter achieved 247.
A Tale of NFT Valuation Wars
Pudgy Penguins initially faced challenges after its launch in 2021, grappling with the impact of the crypto winter that swept through the NFT industry the following spring.
However, a strategic effort to enhance the brand’s value through social media engagement, its Metaverse initiative, and high-profile merchandising proved fruitful.
The collection’s value surged, quadrupling in the fall of last year despite a sluggish period for the broader NFT market.
Check out: Pudgy Penguins’ Remarkable Journey of Growth in 2023
On the flip side, BAYC, which once symbolized the innovation and extravagance of the 2021 NFT boom, has seen a decline in value since the onset of the crypto winter in May 2022.
Despite its initial success, with PFPs 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 histories underscore their significance. Pudgy Penguins secured $9 million in seed funding last year. In comparison, Bored Ape’s Yuga Labs garnered $450 million, hitting an eye-boggling $4 billion valuation.
Despite ongoing efforts, both collections fall short of CryptoPunks, the influential pioneer of the NFT space, boasting 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 realm of digital collectibles.
Still, the question remains: Can Pudgy Penguins flip BAYC?
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