Pudgy Penguins could be Dogecoin of this bull market, but that’s not a bad thing

I do not own any Pudgy Penguins and have not been paid by anyone to write this article

I have written before that a strong community is one of the most important aspects of the NFT space, and Pudgy Penguins owned that aspect and made everyone want to own it. Maybe I’ll be hated by the Penguins for this, but I see many similarities between the Penguins and DOGE.

A meme you can not ignore

Dogecoin has a much longer history than the Penguins, and the comparison is quite unfair, but one of the similarities I see between the two projects is that they have both become memes. People who own a Penguin do not take themselves seriously and readily admit that they only bought the project because it looks cute. This reminds me of many DOGE investors who only bought the project because it was a meme and funny. Many serious investors also hated people who owned DOGE and classified them as stupid. I also see this happening now in the NFT space with people who bought penguins.

Both projects were not taken seriously and are now at a point where they can no longer be ignored. The NY Times published an article about the penguins, and all the famous people from Crypto Twitter have them as avatars. They make fun of the people who do not hold penguins, just like the people who made a lot of money with DOGE reacted to the people who hate them while holding bitcoin.

A strong community behind the meme

It’s a strong community that has managed to grow much faster than any other community. If you do not like the penguins or question them, they are there to defend themselves or make fun of you. It’s a bit like Dogecoin during the Elon Musk tweets, you can only be part of the fun if you own it, and you could also compare it to owning Gamestop during the short squeeze. If you did not own the stock, you would not feel the same euphoria as those who do. The feeling of being part of a strong community always plays a big part in NFTs, but the Penguins have managed to take that to another level, they are present, and their holders are having a lot of fun and that’s why I think it’s more similar to Doge than, say, BAYC .

Is this going to end badly?

Well, it’s hard to say if Penguins will manage to become as big a meme as Dogecoin was in the early years of cryptocurrency, but they are, in my opinion, doing a great audition to becoming a long-term “meme NFT”. This could mean that they will react similar as Dogecoin did during, its crashes and pick up steam as the community decides to live on and continue to build. The reason Dogecoin is still around is because of the meme culture behind it. If Penguins manage to create a similar kind of culture for a long time, they could hold their value without needing any fundamentals.

We are all just speculating in this new market, and it’s just a game of musical chairs. At some point, just like in any other market, the music will stop playing and then panic will break out. Whether the Penguins can survive such a moment is hard to say, as this is a very new project, but that will depend on their community and the owners' intentions.

Side note: I left out many details regarding the penguins, which can either be seen as rumors or not necessary for the article. I know there have been a lot of questionable things happening. Still, this article was purely about the similarities of the project and Dogecoin, not about the founder, sales, or any other aspect.

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I am a 19-year-old writer interested in DeFi, NFTs and other crypto related topics.