The NFT collection Pudgy Penguins has surpassed the market capitalization of the renowned Bored Ape Yacht Club collection, rising to second place in the overall ranking. This was aided by a 385% increase in the value of the PENGU token over the past five weeks.
Data from the NFT aggregation platform DappRadar shows that the market capitalization of Pudgy Penguins reached $360 million. The corresponding figure for Bored Ape Yacht Club is $333 million.
Data from DappRadar
According to TradingView, the rise of PENGU began in the last week of June when the NFT token bounced off the support level at $0.007737. The token formed five consecutive bullish weekly candles, setting a record for the duration of sustained growth since its release.
PENGU, launched in December 2024, serves as a utility token within the Pudgy Penguins ecosystem. For community members, ENGU is the base cryptocurrency that enables community governance.
The recent price increase of PENGU indicates, at least, a temporary revival of the NFT sector in the cryptocurrency industry.
Regardless, the CryptoPunks collection maintains its leadership position with a market capitalization of $612 million, and its trading volume over the last 24 hours has increased by 4600%. The average price of a CryptoPunk NFT is $181,480, significantly higher than $57.52 for Pudgy Penguins.
