The cost of a Pudgy Penguins NFT has risen above the price of a Bitcoin.

The Pudgy Penguins NFT collection has made a remarkable leap, becoming the second most valuable NFT set globally. On Wednesday, the floor price for any of the 8,888 unique penguin NFTs exceeded $100,000, outpacing even the famed Bored Apes Yacht Club in terms of market value. This milestone means that acquiring a single Pudgy Penguin now costs more than a Bitcoin, which is currently valued just above $100,000.

Over the past week, the floor price for Pudgy Penguins has skyrocketed by 76%, reaching over 26 ether (ETH), equivalent to just above $105,000. Meanwhile, other top-tier NFT collections like Bored Apes and CryptoPunks have experienced a 12% dip in value during the same period.

The surge in Pudgy Penguins’ value can be attributed to the excitement surrounding the upcoming release of the PENGU token on the Solana blockchain later this month. As part of the token’s allocation strategy, a significant share will be given to existing NFT holders, which has led to increased demand as collectors rush to secure their tokens ahead of the release.

A portion of the PENGU token supply, specifically 23.5% of the 88 billion total tokens, will be set aside for Pudgy Penguins and other related NFTs, such as Lil Pudgys and Pudgy Rods. Additionally, 22% will be made available to the larger Solana and Ethereum communities, while 12% will be used for liquidity on decentralized exchanges.

Unlike traditional markets, where asset prices adjust in real-time, NFT floor prices are determined by individual sellers based on factors like rarity and demand, with the price remaining stable until a seller decides to change it.

Introduced in 2021, Pudgy Penguins are hand-drawn, featuring distinct traits such as unique backgrounds, body types, and accessories. Beyond their success in the digital space, Pudgy Penguins have expanded into physical products, marking a significant step in the brand’s evolution.

Igloo, the company behind Pudgy Penguins, launched the Pudgy Toys line last year, which has since grossed over $10 million in sales. These collectible toys, including plush figures and igloos, are available in major retailers like Walmart, Target, Amazon, and Walgreens, cementing Pudgy Penguins as a widely recognized brand in both digital and physical markets.