Pudgy Penguins NFTs have surged above $100,000, increasing by over 20% within 24 hours, driven by excitement over an upcoming airdrop of the project’s new token, PENGU. The collection of 8,888 NFTs, which initially traded at about $62,000 last week, has achieved a new all-time high of around $103,000 in ETH. Alongside this, related collections, including Lil’ Pudgys and Pudgy Rods, have also seen substantial increases. The airdrop will distribute 25.9% of the 88.88 billion total token supply to the Pudgy community, with PENGU expected to launch by the end of 2024. Trading for PENGU has already begun on platforms like Whales Market, with volatile fluctuations observed, demonstrating a potentially high fully diluted valuation of $4.5 billion, aligning it with established tokens like AAVE. The Pudgy Penguins brand, once obscure, has quickly evolved into a prominent name in Web3, expanding into physical merchandise and gaming, largely due to the leadership of Luca Netz and the efforts of their parent company, Igloo Inc.

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