Pudgy Penguins’ PENGU token soars 26%, flips OP in market cap

Key Takeaways

PENGU has surpassed OP to develop into the 58th largest crypto asset by market worth.
Regardless of an preliminary surge at launch, the token plummeted over 50% attributable to heavy promoting stress.

PENGU, the utility token of the Pudgy Penguins ecosystem, has surged roughly 26% within the final 48 hours, propelling its market capitalization to $2.8 billion and flipping Optimism’s OP token to develop into the 58th largest crypto asset by market worth, in keeping with CoinGecko information.

Pudgy Penguins' PENGU flips OP in terms of market cap — Pudgy Penguins’ PENGU flips OP when it comes to market cap

The rally comes as rumors flow into that the second-largest NFT assortment could ink a partnership with Pokémon, the globally acknowledged and beloved leisure franchise.

BREAKING: Rumors are swirling a few doable Pudgy Penguins x Pokémon collaboration.

If true, $PENGU is heading straight to the moon! pic.twitter.com/LAKdpWQn14

— broski (@broskisol) January 5, 2025

A possible collaboration may apparently enhance Pudgy Penguins’ visibility, attracting a wider viewers and driving elevated curiosity and exercise within the PENGU market.

But, some customers are skeptical about these speculations, suggesting they could possibly be makes an attempt to affect market sentiment. Pudgy Penguins have but to touch upon the rumors.

PENGU launched final December with a $2.3 billion market cap and secured quick listings on Binance, OKX, and Bybit, Crypto Briefing beforehand reported. The token’s worth initially reached $0.068 earlier than dropping to $0.031 following its airdrop to Pudgy Penguins NFT holders, marking a greater than 50% decline.

The token’s lower was accompanied by a considerable fall in Pudgy Penguin’s NFT costs, with the gathering’s flooring value dropping from 33 ETH to 16 ETH. Nevertheless, the ground value has just lately recovered, rising 30% previously seven days to 23.85 ETH ($86,000), per CoinGecko.

The current restoration has helped the NFT assortment overtake Bored Ape Yacht Membership. It’s now the second-largest NFT assortment by market cap, trailing solely CryptoPunks.