The Pudgy Penguins NFT collection has reached new heights, becoming the second most valuable set of non-fungible tokens in the world. On Wednesday, the minimum price for any of the 8,888 digital penguins crossed the $100,000 mark, surpassing the once-dominant Bored Apes Yacht Club in terms of market value. This surge in demand means a single Pudgy Penguin now costs more than a Bitcoin, which is currently valued just above $100,000.

In the past week, the floor price of Pudgy Penguins has jumped by 76%, reaching over 26 ether (ETH), or just over $105,000. During the same period, other major NFT collections, like Bored Apes and CryptoPunks, saw a 12% decline in value.

This spike in value is largely driven by excitement surrounding the launch of the PENGU token, which will be released on the Solana blockchain later this month. A significant portion of the PENGU tokens will be reserved for existing Pudgy Penguins NFT holders, fueling demand as collectors rush to buy and hold more NFTs in anticipation of the token’s release.

Approximately 23.5% of the 88 billion PENGU tokens will be allocated to holders of Pudgy Penguins and other related NFT collections, such as Lil Pudgys and Pudgy Rods. Another 22% will be made available to the broader Solana and Ethereum communities, while 12% will be set aside for liquidity on decentralized exchanges.

Unlike traditional assets, where prices fluctuate in real-time based on market activity, the floor price for NFTs is set by individual owners based on factors such as rarity and demand. The floor price remains stable until a seller chooses to lower it, allowing collectors to set the price at which they’re willing to sell.

Launched in 2021, Pudgy Penguins features 8,888 hand-drawn penguins, each with its own unique characteristics. Since its inception, the collection has expanded beyond the digital art space into physical products.

Igloo, the parent company behind Pudgy Penguins, released a line of plush toys and collectibles under the brand Pudgy Toys. With over $10 million in sales, these toys are available in major retailers such as Walmart, Target, Amazon, and Walgreens, helping to solidify Pudgy Penguins as a cross-industry brand with both digital and physical products.