The spike in trading activity occurred as Pudgy Penguins set new all-time highs in terms of ETH-denominated floor price. At the time of writing, the lowest asking price for a “penguin” on OpenSea is 7.1 ETH, up 49.45% over the last 24 hours. Pudgy Penguins’s trading volume is 1,200 ETH, nearly double that of Bored Ape Yacht Club (BAYC). The sister collection Lil Pudgys also skyrocketed 56% to 0.69 ETH, its trading volume exploded by 713% to 464 ETH during the same period.
The average Pengu is now selling for 6.5 ETH, surpassing the previous high-water mark of 6.11 ETH set on Dec 9. The revival of Pudgy Penguins comes a year after the community voted to kick the founders out of the project in January 2022 because the original team was found to be squandering the project’s treasury with little to show for it.
Four months later, businessman Luca Schnetzler bought the rights to Pudgy Penguins for $2.5 million, along with the promise of rebuilding the brand. Since then, he has rolled out new licensing deals for the collection and launched numerous promotional campaigns to turn Pudgy Penguins into blue chip NFT collections like Bored Ape Yacht Club (BAYC) or CryptoPunks.
Luca Schnetzler revealed the reason behind this record was that Pudgy Penguin-branded merchandise such as t-shirts, hats and hoodies recorded a surge in sales during the holidays. Cute and adorable Pudgy Penguins have attracted many users. Luca Schnetzler also said that he is banking on toys and collectibles next year.
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