On Monday, a Pudgy Penguin non-fungible token (NFT) was sold for 400 ETH, which, at the time of the sale, was equivalent to almost $625,000. The piece with the highest rarity rating out of the 8,888 total pieces in the collection is #6873.
The Ethereum-based NFT collection has recently been surging, increasing 83% over the past two weeks, according to NFTPriceFloor. Additionally, GoinGecko data reveals that the collection has increased by about 400% since August 18th. On Saturday, the collection's trading volume increased by 250%, as well.
Only a few months have passed since the project was given to new management, which has been working hard to assemble a board of advisors that includes tech titans, create toys and children's books featuring Pudgy Penguins, and establish solid IP rights for Pudgy owners. The price increase coincides with these efforts.
A PFP project called Pudgy Penguins was unveiled during the NFT market's 2021 bull run. The initiative was extremely well-liked when it first began because of its charming, chubby penguin avatars, which sold out very quickly. Community members learned that the project's initial staff had used up all of its funding in late 2021. Holders were already wary since ColeThereum, the company behind the initiative, had a history of being involved in fraud.
In April 2022, the Pudgy Penguins were sold to businessman and ardent project supporter Luca Scnetzler for 750 ETH, or roughly $2.5 million. Many residents now refer to it as a great recovery story as a result of the current management's activities and amenities.
The Pudgy Penguins NFT collection's marketability and the value that holders will receive from the new team executives are both unknowns at this time. The recent sale of the rarest Pudgy Penguins NFT, though, can give some owners who stuck with the collection through its worst periods hope.
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