The future of the Pudgy Penguins collection is now in the hands of its community
After a vote by the Pudgy Penguins community, founder ColeThereum has been removed from his ice throne. The community decided new leadership should revive the project, which instantly resulted in the floor price doubling over the past week.
Pudgy Penguins was among the very first PFP avatar-style collections to launch after the BAYC hype of last summer. Unfortunately, as time passed and the collection was not performing according to community expectations, Pudgy Penguin fans started speaking out against the founding team. Following months of feedback, the Pudgy Penguin team launched a community vote several days ago, which sealed the fate of co-founder ColeThereum, who was voted out of the project.
Impressively, following a turbulent couple of days, Pudgy Penguins seems to be finding new strength and activity for the collection has been booming. According to DappRadar data, in the past seven days, the number of traders interacting with the collection rose 560%. What’s more, this boosted the trading volume by an exorbitant 1200%, pushing it to $9.21 million.
As talk surrounding Pudgy Penguins and its governance hit social media, the collections’ smart contract started heating up. Stats from the past week show an impressive bump in activity across the board. Importantly, the newfound community strength also pushed the floor price by more than 108%, taking it to its current level of 1.64 ETH, or about $5760.
What happened with Pudgy Penguins?
Pudgy Penguins was one of many collections that launched in the hyped-up weeks after Bored Ape Yacht Club made its grand entry into the NFT space. Penguin collectors had been patiently waiting for the moment when their favorite avatars will “go moon”. However, this moment never really came. Even with the renewed NFT craze we’re seeing with the start of 2022 (think Doodles, for example).
This lack of development in the project, and a number of rather unsuccessful subsequent drops from the team, led the community to feel betrayed. Therefore they went to search for better governance for their collection. The dissatisfaction was mainly aimed at co-founder ColeThereum, who was responsible for community management and marketing for Pudgy Penguins.
In an effort to meet expectations, the Pudgy Penguins team launched a vote asking whether Cole should remain part of the project. This happened on January 5th, and the vote was rather conclusive. Cole should go. The results of the poll were clear. However, ColeThereum is still featured as a co-founder on the official Pudgy Penguins website.
Still, the Pudgy Penguins team released a tweet on January 6th, announcing that the project will see some groundbreaking changes shortly. There’s still no clarity regarding these changes. However, looking at the collection’s performance in the past week, this might have been the push Pudgy Penguins needed.
As Penguin holders are still awaiting official information, speculation started brewing on Crypto Twitter. Some users started spreading information that 9x9x9eth will take over the project. He is also one of the biggest Penguins whales. He later explained that indeed there was an offer to purchase the whole project for 888 ETH. However, the OpenDAO founder rejected it. However, the future for Pudgy Penguins seems to look a lot brighter now.
DappRadar will continue monitoring Pudgy Penguins, so stay tuned for the latest updates regarding the collection’s future and governance. If you want to see the most up-to-date Penguins sales data, check out DappRadar PRO. PRO gives you access to as little as 15-minute increments of sales and activity data for NFT collections. Additionally, you can follow DappRadar on Twitter and Discord to easily keep up with all NFT news.