Pudgy Penguins’ native token, PENGU, has been a standout performer in the crypto market, rising 13% on January 5. At press time, PENGU is trading at $0.040, up 250% since its launch on December 17. Initially launching with a market cap of $2.8 billion, the token has fallen to $2.5 billion, according to CoinGecko.

Some big investors are taking advantage of the rally and cashing out. Lookonchain reported that 84 million PENGU was withdrawn from Binance. However, despite PENGU’s price increase, Pudgy Penguins NFT sales have fallen 52% in the last seven days.

PENGU operates on Solana and plans to expand to Ethereum and Abstract. The token, which has a total supply of 88.88 billion, will be airdropped to Pudgy Penguin NFT holders. While an official use case has not yet been confirmed, it is stated that the token could play a role in governance.

The Pudgy Penguins project continues to attract public attention thanks to its viral GIF and sticker strategy. More than 1.1 billion views were recorded in the first five days of January. However, the decline in NFT sales raises questions about the future of the project. Share your thoughts in the comments.