The Pudgy Penguins NFT project’s highly anticipated token launch has had an underwhelming start, with its native token, PENGU, plummeting over 50% in the initial hours of trading following the Dec. 17 airdrop.
Source:CoinGecko
Approximately half of the total supply of nearly 89 billion PENGU tokens has been distributed to the community, with 26% allocated to NFT holders, as per the project’s website.
The token initially launched with a market capitalization of approximately $2.8 billion but has since fallen below $2 billion, according to CoinGecko data. PENGU trades on the Solana blockchain.
Although the Pudgy Penguins team has not disclosed a clear utility for the token, Bybit suggests that it is expected to serve a role in project governance.
