Earlier this month, Pudgy Penguins came within striking distance of dethroning CryptoPunks as the most expensive NFT collection in the world.
It’d been a long, long time since any other brand had come close to accomplishing that feat, and Pudgy had wind in its sails: Riding momentum from an upcoming token airdrop, the collection soared to unbelievable highs, exploding from a floor price of $19,000 at the start of November to more than $138,000 by mid-December.
It looked like the flip might happen. Then the PENGU token airdrop went live and—in typical crypto fashion—Pudgy Penguins collapsed in value by over 55% within a matter of hours.
Left untouched, at the top of the heap, was CryptoPunks. The episode perfectly encapsulated the prevailing NFT narrative of 2024: While other collections worked overtime to drive demand via incentives and the promise of tokens, CryptoPunks appeared to effortlessly float upwards in cultural significance, social cachet, and, of course, value.
Tokens launched and/or confirmed:
Pudgy Penguins ✅
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Author: Sander Lutz
