With a change in leadership in recent times, the comeback for Pudgy Penguins is on. The Pudgy Penguins floor price has surged by about 69% over the last week, rising from 2.2 ETH to 3.8 ETH, with the rarest piece in the collection recording a new record sale of 400 ETH worth almost $650,000 at the time.
Pudgy Penguins had its initial launch in June 2021 and was one of the most sought-after NFTs at the time in the 'PFP' space. However, the project’s trajectory took a turn for the worse after the infamous crypto 'fraud investigator' ZachXBT (Twitter username) hightail one of the founders, Cole Villemain, for running paid ads / promotion of the NFT project without disclosing that he would be receiving remuneration.The Pudgy Penguins NFT community discussed forking the project, until an investor bought the project for 750 ETH worth $2.5 million in April 2022.
Despite the ongoing NFT & Crypto bear market—which has led to daily trading volume fall from a record $600 million in May to an average of about $25 million over the past three months, Pudgy Penguins NFTs have crossed all-time highs in ETH terms. Over the last week, the collection’s floor price has surged by about 69%, rising from 2.2 ETH to 3.8 ETH. Most other sought-after PFP NFT collections have seen their floor prices plummet in recent months.
The most significant move driving this week’s surge came Sunday when the project introduced a nine-member advisory board, counting Web2 and Web3 heavyweights like Nansen’s Alex Svanevik and Jordan Sterling, who works on Meta’s venture capital partnerships team. “Coming from diverse backgrounds in Web2 and Web3, our board will assist in our pursuit to innovate through multiple industries,” Pudgy Penguins wrote, triggering a floor price rally that culminated with the 400 ETH NFT sale Monday.
“I was able today to purchase the rarest penguin in a collection that helped me make my first bit of life-changing money,” the buyer of the left-facing penguin, who goes by FUDrick Douglas, said today on Twitter.