Most people show support for a struggling project by posting a heart emoji. Billionaire collector Adam Weitsman bought 117 Pudgy Penguins instead.
Weitsman confirmed the purchase on X on October 11, 2026. He framed it as a show of support for the collection and its community during a difficult stretch.
That stretch has a specific cause. The company behind Pudgy Penguins decided to shut down Abstract, its layer-2 project, and the move left the community looking for a reason to stay optimistic.
The details of the buy
The purchase pushes Weitsman’s total to 167 Pudgy Penguins, spread across several wallets.
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The market noticed quickly. The Pudgy Penguins floor price reportedly rose to approximately 2.74 ETH, or around $6,900, after the announcement. That marked a 16.7% gain within 24 hours. The “floor price” is simply the cheapest listed price for any item in the collection, so it works as a rough gauge of entry-level demand.
A collector with a pattern
This was not Weitsman’s first dip into the Pudgy pool. His earliest purchase from the collection dates back to December 2025.
Since then, he has made several significant acquisitions in 2026. One of them was an over-the-counter deal covering 48 each of Pudgy Penguins, Lil Pudgys, and Pudgy Rods.
In June 2026, he also bought the rare left-facing Pudgy Penguin #6873 for 146.5 ETH.
His appetite extends beyond penguins. In August 2026, Weitsman acquired more than 5,000 NFTs from Yuga Labs, the company behind several of the best-known blue-chip collections.
Even with that much variety in his holdings, he reportedly regards Pudgy Penguins as a favorite. The draw, by his account, is the project’s community-driven appeal.
Why the Abstract shutdown matters
A layer-2 network is a system built on top of a main blockchain to make transactions faster and cheaper. Abstract was the parent company’s bet on owning that express lane. Shutting it down marks a strategic retreat, and retreats tend to make holders nervous about what else might change.
What this means for Pudgy Penguins holders
For existing holders, the immediate effect is welcome. A 16.7% floor gain in a day lifts the paper value of every penguin in the collection, at least for now.
Concentration is another consideration. When a single collector holds 167 pieces of a collection, his future decisions carry real weight, whether he keeps buying, holds steady, or eventually sells.
Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.