The PENGU token and Pudgy Penguins NFTs are experiencing significant value increases as excitement builds for the launch of Abstract, an Ethereum layer-2 network developed by Igloo Inc., the parent company behind both assets.
PENGU, a Solana-based token, has climbed over 6.5% in the last 24 hours and 45% over the past week, reaching $0.045 with a market cap of $2.8 billion. This marks the token’s highest price since its initial claim period began on December 17. Slowing claims and growing holder numbers—now surpassing 600,000 wallets, per Solscan—suggest reduced sell pressure.
Pudgy Penguins NFTs are also on the rise, with the collection’s floor price increasing nearly 12% in the last day to $94,212 (25.50 ETH), according to NFT Price Floor. While still below pre-airdrop levels, prices have steadily recovered amid speculation of another potential token airdrop tied to Abstract’s January launch. Companion collections, Lil Pudgys and Pudgy Rods, have also risen by 7% and 8%, respectively.
The initial PENGU airdrop was highly lucrative, granting NFT holders approximately $75,000 in tokens at current prices. With over 61% of PENGU tokens claimed, attention now turns to Abstract, which raised $11 million last July to support its development. Although details about the network remain sparse, the anticipation of another airdrop has fueled market enthusiasm.
Abstract’s launch is expected to further cement Igloo Inc.’s position as a leader in NFT and blockchain innovation.