The Ethereum NFT project 'Pudgy Penguins' has surpassed Bored Ape Yacht Club to become the second largest NFT series by market value.

According to CoinGecko's data, the floor price of Fat Penguin NFT has risen by about 45% in the past week, reaching 22.1 ETH (worth approximately $86848), which has raised its market value to around $772 million, surpassing Bored Ape's $754 million. The largest NFT series by market value is still CryptoPunks (approximately $1.5 billion).

The increase in the price of Fat Penguin NFT is mainly due to the official token airdrop plan announced last week. The project is expected to issue the official token PENGU on the Solana blockchain this month, with a total supply of 88.8 billion, of which 25.9% is expected to be allocated to the Pudgy Penguins community.

Related report: NFT project 'Fat Penguin' announces release of PENGU token! A total of 88.8 billion pieces, deployed in Solana

The NFT market has declined compared to its peak in 2022, but the weekly trading volume has slightly rebounded this month. According to CryptoSlam data, the transaction volume of Ethereum NFTs reached $91 million during the week of December 1st to December 8th, higher than the previous week's $56.6 million, which is the highest value since the end of March.

Related report: NFT market sales reached $562 million in November, a new high in nearly 6 months

data source