What is pudgy penguins and why is there such a big influence

Speaking of "Penguins", everyone's impression may still stay in real life, but in fact, a very popular "penguin" has emerged recently and has become a new "darling". It is Pudgy Penguins. So what is pudgy penguins? Of course this it’s not a real penguin, there are a group of accounts with cartoon penguins as avatars on Twitter, such as “Welcome to Club Penguin”and “Enjoy the party”. Penguins wearing sunglasses, penguins wearing sombrero, penguins wearing bow ties, and penguins wearing Mohawk are everywhere, and dozens of penguins have expanded to hundreds. These chubby characters are new aspirations for NFT collectors and general fans of digital figurines.

Pudgy Penguins has become the most popular token in the NFT world. As in other cases, the fame of the Chunky Penguin (Fat Penguin) is due to a completely accidental event.

The development of NFT avatars should have exceeded everyone’s imagination. The author of The New York Times, Kevin Roose, who once made his column into an NFT and auctioned 350 ETH, was also attracted to the penguin community and got two fat penguins. The NFT avatar.

At that time, the average daily sales price hit a record high of 3.8 ETH, and the weekly transaction volume exceeded that of existing companies such as Punks and BAYC at the peak. Pudgy Penguins' enthusiasm even appeared on the New York Times and billboards. However, since then, people's interest seems to have slowed down.

Maybe like many people, he couldn't understand why the NFT avatar was valuable before he had no NFT avatar. But when he has the PFP of the little penguin, this PFP is pushing him into the community and feel the power of the community. People are gradually have a better understanding about what is pudgy penguins.

So what happened? Why would Pudgy Penguins take off without a "social foundation"?

Although there are public allegations that the project may be manipulated, including claims that CoinGecko and the New York Times have been bribed to promote them (author's note-CoinGecko is not sponsored), we believe that there are other factors at play.

According to CL of eGirl Capital: "Memes are difficult to define. They are like...very memorable units, usually associated with humor or other information, imitation, social cues, wide-ranging influence and fluidity, and possibly perceived It is a kind of cultural element that is connected through non-genetic means. This is a global language that connects generations."

When gathering communities through memes, you provide global appeal. Many people want to be part of the "memetic movement" because it provides a medium of relevance through a sense of humor. We have seen this situation elsewhere through meme coins and stocks.

The GameStop/AMC legend demonstrates the power of virtual communities driven by a single "memetic" purpose. Despite the lack of business fundamentals, the share prices of both companies were pushed up by a group of anonymous individuals on Reddit because they wanted to punish hedge funds that shorted the two companies. The power of memes even requires regular market reports from business news sites and detailed retail strategy breakdowns of Barclays' options trading.

Pudgy Penguins seems to follow the same trajectory. Although it is impossible to clearly prove/refute the existence of the cabal, we can look at specific data indicators to help justify its organic growth.

In the second half of the year, the NFT sector broke out, with many projects appearing with extremely strong ability to attract gold. It can be seen that NFT has become the outlet of the market, but at the same time, when everyone rushes in, bubbles will gradually appear. Not every projects will be successful. What is Pudgy Penguins is more like just buying an avatar. Although you bought its "copyright", it can be easily copied and pasted on the Internet to become someone else’s avatar, so its value may lack sustainability compared to other projects. At this stage, it is just It is fun and fresh, and the participants are always a small group of people. If you want to continue to expand and grow, you need to innovate on the current basis to maintain freshness and attractiveness.