PENGU token drops over 50% after Pudgy Penguins’ airdrop
Pudgy Penguins' (CRYPTO:PENGU) native token, PENGU, experienced a sharp decline of more than 50% in the early hours following its Dec. 17 airdrop.
The project distributed nearly half of the total supply of PENGU, which amounts to about 89 billion tokens, to community members, with approximately 26% allocated to NFT holders.
Despite this, the token’s market capitalization fell from an initial $2.8 billion to below $2 billion, according to CoinGecko data.
While the Pudgy Penguins team has not specified a direct use case for the token, it is expected to play a role in the project’s governance.
The PENGU token is traded on Solana.
Launched in 2021, Pudgy Penguins is a collection of 8,888 NFTs that feature unique penguin images.
The project later introduced additional collections such as Lil’ Pudgys (22,000 baby penguins) and Pudgy Rods (penguin-themed fishing rods).
NFT holders can claim PENGU tokens by providing proof of ownership on the Ethereum network, as per the project’s website.
According to OpenSea, the floor price for a Pudgy Penguins NFT on Dec. 17 was over 16 Ether (ETH), or approximately $64,000.
The collection is spread across almost 5,000 unique wallets.
Before the PENGU token’s debut, the NFTs traded at a floor price of nearly 36 ETH, according to OpenSea.
Other collections such as Lil’ Pudgys and Pudgy Rods were trading at lower floor prices, around 1.7 ETH and 0.7 ETH, respectively.
The project has also sold 1.5 million Pudgy-branded toys in retail outlets such as Walmart.
At the time of reporting, the price of Pudgy Penguins (PENGU) was $0.03036.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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