The fact that Pudgy Penguins did well during a bear market may be a sign that the collection could be a blue chip.
Statistics from Opensea show that the NFT collection has grown by almost 400% in the last 24 hours.
The NFT collection from Pudgy Penguins has had a lot of ups and downs since it came out in June 2021. In January 2022, the people in charge of the NFT project fired its founders for allegedly not meeting goals and spending most of the treasury cash. In April of this year, @LucaNetz, an entrepreneur from Los Angeles who owns Pudgy Penguin, bought the brand for a whopping 750 ETH, which is about $2.5M. Since then, the base price of the collection has stayed the same.
Dune Analytics says that the NFT market as a whole is at its lowest level ever, and that Opensea has the lowest trading volume over the last year.
The NFT collection of Pudgy Penguins seems to bring in the most money and be the strongest on the market right now. According to data from Opensea and Nansen, the collection traded more than 851 ETH in the last 24 hours. It was the second most popular collection, after the Bored Ape Yacht Club Collection.
The collection reached its all-time high average price of 3.58 ETH on August 21. According to Opensea, the average price is now higher than its previous all-time high of 4.0733, while other collections are 80% or 90% below their all-time highs.
The recent announcement on Pudgy’s social media account about the “I am Penguin” outfit and the launch of the Pudgy Toy, where certain Pudgy NFTs will be turned into collectible toys, may be to blame for the rise in volume.
Several crypto influencers and Pudgy owners with huge followings, like @CryptoKaleo with the thread below, also helped make the collection popular.