PENGU token rallies 13% despite 52% drop in Pudgy Penguins NFT sales
Pudgy Penguins’ (CRYPTO:PENGU) native token, PENGU, saw a 13% surge on January 5, becoming one of the top performers in the crypto market.
At the time of publication, the token was trading at $0.040, reflecting a 250% increase since its launch on December 17.
Despite a dip in market cap from $2.8 billion to $2.5 billion, large holders have been cashing out.
On January 4, a wallet withdrew 84 million PENGU tokens, worth approximately $3.13 million, from Binance, according to blockchain analytics platform Lookonchain.
Although PENGU's value has surged, Pudgy Penguins' NFT sales have faced a significant decline.
Data from CryptoSlam reveals that sales have dropped by 52% over the past week, with total sales falling to $5.5 million.
NFT transactions, along with the number of buyers and sellers, have also decreased by 51%, 56%, and 41%, respectively.
Despite the downturn in NFT sales, Pudgy Penguins remains relevant in the public eye.
Community lead Berko Crypto highlighted that Pudgy Penguins had amassed billions of GIF views and sold out its Telegram stickers experiment in record time.
The project recorded over 1.1 billion views for its stickers and GIFs within the first five days of January.
The PENGU token operates on Solana (CRYPTO:SOL), with plans to expand to Ethereum (CRYPTO:ETH) and Abstract, an Ethereum layer-2 scaling solution developed by Igloo Inc.
Although the token's use case remains unclear, it is expected to play a role in governance and may offer exclusive perks within the ecosystem.
Additionally, speculation around future airdrops for PENGU holders has emerged, with crypto trader Pentoshi hinting at potential rewards for those holding PENGU tokens.
At the time of reporting, the Pudgy Penguins (PENGU) price was $0.04007.
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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