Pudgy Penguins Are Everywhere: A New Phase for Digital Collectibles?

Over the weekend, Pudgy Penguins dominated Crypto Twitter (CT), driven by a series of high-profile social endorsements. Most notably, Coinbase updated its profile picture to feature a Pudgy Penguin. Newly appointed CT lead Alex (@AlexOnchain), who previously served as Binance’s head of global social media and community, took over the Coinbase account with a simple post: “New pfp, who dis.”

“Normal job announcements are boring,” he added. “I had to do something different, and a Twitter takeover felt right.”

The Pudgy Penguin profile picture trend quickly gained momentum, with big brands like OpenSea, Nansen, Binance U.S. and Animoca Brands joining Coinbase in adopting the iconic PFP. Back in 2023, Pudgy Penguins CEO Luca Netz stated, “I believe a Web3 company is defined not by the technology it uses, but by the nature in which you build. I’ve been a strong advocate that to succeed, our team would have to be the muscle to the brain that is constructed around our NFT holders. It’s this hive-mind approach that has been the driving factor in our success and why I believe we are all responsible for where we are today.”

That philosophy appears to be playing out in 2025, with growing community engagement and brand alignment bringing Pudgy Penguins back into the spotlight.

This surge in visibility pushed Pudgy’s floor price from around 9 ETH to 14.9 ETH, reflecting a 66 percent increase at the time of writing. Lil Pudgys also climbed, rising from approximately 1.15 ETH to 1.69 ETH, marking a 47 percent gain. However, both collections remain below their all-time highs. In December 2024, Pudgy Penguins reached 34.8 ETH and Lil Pudgys peaked at 4.54 ETH, right before the period when NFT holders received the PENGU airdrop.

On Blur, Pudgy Penguins recorded a 24-hour trading volume of 2,076 ETH, placing it at the top of all NFT collections by volume. Lil Pudgys followed with 560 ETH, while Pudgy Presents, the Genesis Pudgy Rod, saw a notable 42 ETH in volume during the same period. In comparison, major collections such as Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) trailed slightly behind in 24-hour metrics. Among the top 10 NFT collections by volume, three belong to the Pudgy Penguins ecosystem.

Meanwhile, the NFT-linked token PENGU also posted strong performance last week. It gained 32 percent in the past 24 hours and has surged 519.6 percent over the last 90 days, significantly outperforming Bitcoin, which rose only 41.82 percent over the same period. At the time of writing, PENGU is trading at $0.03.

The growing attention may have been sparked in part by a recent ETF filing that brought institutional eyes to the project. On June 26, the CBOE filed a 19b-4 form for the CANARY PENGU ETF. This filing positions the PENGU and Pudgy Penguins NFTs ETF as the second memecoin-style ETF after DOGE, and the first to include NFTs in a submission under the SEC’s formal review process. It now joins filings for assets such as BTC, SOL, XRP, and DOGE in the regulatory pipeline.

Pudgy Penguins Extend Reach Beyond Crypto Through Brand and Regional Expansion

The Pudgy Penguins NFT has been gaining mainstream visibility. On June 23, it appeared at Nasdaq’s opening bell ceremony alongside VanEck, the asset management firm founded in 1955, which also adopted a Pudgy Penguin as its profile picture.

Beyond the crypto community, Pudgy Penguins is expanding its reach through multiple channels. These efforts include releasing sticker and GIF packs on Telegram, Instagram, and WhatsApp, launching Telegram-based games, selling toys at Walmart, and producing Lil Pudgy animations on YouTube. All of these initiatives aim to introduce the brand to a wider mainstream audience. Originally created in the United States, the project is now actively expanding into Asia with a focus on building a strong regional community and brand presence.

NFT Market Sees Volume Growth Over 24 Hours

As companies and brands adopt Pudgy Penguins NFTs as profile pictures, attention has returned to the broader NFT market. The total NFT market cap now stands at $4.91 billion, reflecting a 10.4 percent increase over the past 24 hours, with total sales volume reaching $15.9 million. Despite the short-term uptick, overall market activity remains relatively low compared to previous highs, with the last major peak occurring in December 2024.

Bitcoin NFT market has also shown notable performance. NodeMonkes recorded a 45.2 percent increase in floor price with a 24-hour volume of 4.029 BTC, while Quantum Cats rose by 49.4 percent with 1.728 BTC in volume.

Additionally, the latest 24-hour market share distribution highlights CryptoPunks as the continued leader in NFT market capitalization. Pudgy Penguins has significantly expanded its presence, now holding a substantial share just behind CryptoPunks, fueled by recent demand and visibility. Bored Ape Yacht Club (BAYC) maintains a notable share but has slightly declined relative to Pudgy Penguins. Despite the number of active collections, market cap remains heavily concentrated among a few dominant projects.

Positioning in the NFT Landscape

Pudgy Penguins has remained resilient throughout the bear cycle, standing out as one of the strongest communities in the NFT space. As broader market conditions begin to turn bullish, this moment could mark a turning point for an otherwise subdued NFT market.