NFTs are dead? It doesn’t seem like it, considering the recent reignited interest, particularly for Pudgy Penguins, since it announced the launch of its PENGU token in late December 2024.
Shortly after the announcement, on December 7, 2024, Bored Ape Yacht Club (BAYC) experienced another incident of “flappening,” with Pudgy Penguins flipping it in terms of floor price.
On December 9, 2024, Pudgy Penguins reached 22.2 ETH, flipping BAYC’s 22.1 ETH. This achievement did not happen instantly but is a result of a resurgence over the past year from around 5 ETH to 21 ETH, a 320% increase since November.
The fuel behind the significant surge is strategic branding efforts and community engagement initiatives led by Pudgy Penguins’ new management under Luca Netz.
What does PENGU have to do with it?
One of the major factors behind the milestone is the native token of the Pudgy Penguins, the PENGU token, which will launch on the Solana blockchain at the end of December 2024. The tokens will have a total supply of 88 billion, with 25.9% going to current holders as a reward for their loyalty and as an encouragement to invest further in the brand.
Moreover, PENGU’s tokenomics are meant to facilitate an inclusive ecosystem and attract traders who want to benefit from holding both NFTs and the token. Furthermore, the token aims to boost community engagement and provide utility, which should increase trading volume and higher floor prices.
Key takeaways for crypto traders
Market sentiment suggests that as the PENGU token gains traction as an emerging asset, it presents an opportunity to invest and enjoy significant returns.
Flipping is not a new occurrence within the non-fungible token (NFT) space. Savvy traders may acquire NFTs before the token launch in anticipation of the rise in demand as more people join the ecosystem.
Finally, strengthened community engagement as a result of the launch of PENGU could lead to sustained interest and value appreciation.
The recent announcement of the PENGU token is set to further solidify Pudgy Penguins’ position within the crypto landscape because of increased engagement and investment. This means that crypto traders who plan to benefit from the token launch will have to stay ahead of market trends and community dynamics.
Read more: Important NFT Statistics to Know
