Pudgy Penguins take off with volume greater than US$ 11 million on Ethereum – Money Times

Pudgy Penguins
With the new leap in transaction volume, penguins have surpassed both CryptoPunks and Bored Apes in sales over the past few days (Image: Twitter/Pudgy Penguins)

If you are aware of the non-fungible tokens market (NFTs, the acronym in English), you’ve probably heard of the Pudgy Penguins. According to decrypt, the Pudgy Penguins are a collection of 8,888 NFTs, enabled for the network. Ethereum.

similar to Cryptopunks, each NFT in the collection features a different penguin, with unique features, which can range from accessories, such as glasses and scarf, to different hairstyles.

Like other NFT projects, the Pudgy Penguins are having a great success. The collection’s NFTs quickly sold out, even though they were issued only three weeks ago.

The penguins had a “boom” on Twitter when Reddit co-founder, Alexis Ohanian, tweeted his NFT’s collection this Tuesday (10).

However, the huge popularity of NFTs is not as recent as that of Pudgy Penguins. The sector has already registered impressive records, with US$ 2.5 billion in total transaction volume in the first half of this year.

Although CryptoPunks are one of the collections best known and guys from the NFT world, Pudgy Penguins have also shown their growth potential.

According to the CryptoSlam, the transaction volume of the penguin collection, this Thursday (12), reached US$ 11.8 million in ether (ETH), representing a new peak for the collection. Prior to that amount, Pudgy Penguins had a volume of $3.6 million.

With the new jump in transaction volume, penguins surpassed both CryptoPunks and Bored Apes in sales of the last few days, as the former had a volume of US$7.6 million, while the latter obtained US$2.1 million .

However, although the NFT market is not as closely tied to the traditional market, the law of supply and demand also applies in the world of unique tokens. With the new wave of popularity, Pudgy Penguins prices have also skyrocketed.

At this moment, the lowest amount charged for a penguins’ NFT is 3.9 ethers, about US$ 12.4 thousand, whereas, yesterday (12), the minimum price was 2.3 ethers, approximately US$ 7 thousand.

The price increase can also be seen on the higher value Pudgy Penguins. Until now, the most expensive NFT in the collection it was, surprisingly, that of a penguin in front of a green background, without any different accessories or elements. What differentiates this token from the others is that the penguin is the only one facing left.

Sold this week for 150 WETH (Wrapped Ethereum), about $458,000, the new owner of the most expensive Pudgy Penguin ever put up for sale on the OpenSea platform for over a thousand ethers, which equates to over three million dollars.

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