Pudgy Penguins Briefly Flips Bored Ape Yacht Club
Pudgy Penguins briefly overtook Bored Ape Yacht Club in floor price earlier today, as its rapid rise over the last few months has caught up with the sliding prices of apes.
At around 11:00 AM UTC, the floor price for one Pudgy Penguin was 22.2 ETH ($61,780), while Bored Apes had a floor price of just 22.1 ETH ($61,500).
This marks a big moment in the shifting landscape of NFTs. The floor price is the value of the cheapest available NFT in a collection and it is indicative of demand for the NFT.
Since November, the floor price for Pudgy Penguins has seen a strong rally, growing from 5 ETH to their current value of around 21 ETH, up 320%.
Meanwhile, the floor price for Bored Apes has been declining since its peak in April 2022, falling from an all-time high of around 160 ETH to its current value of around 22 ETH.
The fall in floor price for the apes came despite Yuga Labs’ acquisition of rival non-fungible token creator Proof, which is best known for its Moonbirds collection.
(With inputs from Shikha Singh)
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