• Pudgy Penguins’ floor price jumped 8.4% in the past 24 hours to 22.1 ETH ($86,922), boosting its market cap to $772.5 million.
• BAYC’s market cap stood at $755 million, while CryptoPunks remained the largest NFT collection with a market cap of $1.5 billion.

Pudgy Penguins, a popular non-fungible token project, has overtaken Bored Ape Yacht Club to become the second-largest NFT collection by market capitalization.

Pudgy Penguins’ floor price jumped 8.4% over the past 24 hours to 22.1 ETH ($86,922), marking a weekly increase of 44.9%, according to CoinGecko data. This boosted its market cap to $772.5 million, surpassing BAYC’s $755 million. CryptoPunks remains the largest NFT collection, with a market cap of $1.5 billion.

The rise in Puddgy Penguins NFTs follows last week’s announcement of an upcoming official token airdrop. The project is expected to launch its crypto token named “Pengu” on the Solana network this month, with a total supply of 88,888,888,888 tokens. According to a post on X, it plans to allocate 25.9% of the supply to the Pudgy community.

“With Pengu, the millions of Pudgy Penguin fans and the hundreds of millions of people outside of crypto that see and share the Pudgy Penguin every day finally have the opportunity to align themselves with the character,” the project said last week.

While the NFT market appears to have declined compared to its peak in 2022, the weekly trading volume has recovered slightly this month. During the week between Dec. 1 and Dec. 8, Ethereum-based NFTs recorded a trading volume of $91 million, up from $56.6 million the previous week. According to CryptoSlam data, this is the largest weekly volume since late March.

Written by Timmy Shen for theblock.co