$PENGU
PENGU Token and Pudgy Penguins NFTs Drop 50% After Free Drop
PENGU token dropped 50% after its launch on Solana.
Pudgy Penguins NFTs also saw a sharp drop in floor price as owners sold out.
Over 20% of PENGU’s supply was liquidated, reflecting $9.3 million in sales.
According to CoinGecko, the floor price of the token dropped to 17.2 ETH, even as daily sales surged 258%. Many users have been aggressively buying Pudgy Penguins NFTs in recent weeks to qualify for the PENGU airdrop. Now, it appears that these buyers are selling their NFTs.
The sell-off was widespread. Over 20% of the total token supply was liquidated after PENGU launched on Binance, equating to roughly $9.3 million. The remaining tokens hold a value of $37.7 million.