🐧 The new PENGU token from the Pudgy Penguins ecosystem has seen a sharp drop of 57.8% a day after its launch, reaching $0.02892. This happened after the long-awaited airdrop, in which 62.8 billion tokens were distributed.

Despite the drop, trading activity increased by 258%, reaching $21.7 million. Some investors took the opportunity to buy on the dip. 📉

Such post-airdrop fluctuations are not new, as the examples of ME and MOVE have shown. However, PENGU holds a market cap of almost $2 billion, ranking 78th among the largest cryptocurrencies.