The price of a single Pudgy Penguins NFT has surpassed that of a Bitcoin.

The Pudgy Penguins NFT collection has achieved a significant milestone, becoming the second most valuable NFT collection globally. As of this week, the minimum price for any of the 8,888 hand-drawn comic penguins has surpassed $100,000, a remarkable achievement in the fluctuating NFT market.

This surge in value places Pudgy Penguins ahead of the Bored Apes Yacht Club, which was once the second-most valuable NFT collection, and makes a single Pudgy Penguin NFT now more expensive than a Bitcoin, currently priced at around $100,000.

The floor price for Pudgy Penguins has skyrocketed by 76% over the past week, now sitting at 26 ether (ETH), or just over $105,000. During the same period, collections like Bored Apes and CryptoPunks have experienced a drop in value, losing 12% of their worth.

The growth can be attributed to increased demand, spurred by the announcement that the Pudgy Penguins project plans to launch the PENGU token on the Solana blockchain later this month. The token distribution plan includes a significant portion allocated to existing NFT holders, which has incentivized current owners to hold or increase their stakes in the project, further fueling the price surge.

Of the total 88 billion PENGU tokens, 23.5% will be reserved for holders of Pudgy Penguins and other related NFT collections, including Lil Pudgys and Pudgy Rods. Another 22% will be distributed to the Solana and Ethereum communities, while 12% will be set aside for liquidity purposes on decentralized exchanges.

The floor price in the NFT world refers to the minimum selling price of a specific collection. It is set by the current owner based on demand or rarity, and remains constant until another seller sets a new, lower price. Unlike traditional markets, where prices fluctuate continuously, NFT prices are determined by individual sellers and market forces.

Pudgy Penguins, which debuted in 2021, features 8,888 distinct penguins, each with its own combination of traits, including backgrounds, facial features, and accessories. The project has expanded its reach beyond digital collectibles, creating a tangible presence with physical products.

In 2023, the project’s parent company, Igloo, launched Pudgy Toys, a line of plush toys and collectible items based on the digital penguins. These toys have already sold more than $10 million through major retailers like Walmart, Target, Amazon, and Walgreens, cementing the brand’s success in both the digital and physical retail space.