A 50% Decrease in the Floor Price of Pudgy Penguins NFT

In only one day, the value of Pudgy Penguin's PENGU coin plummeted 54% after its much-anticipated debut on the Solana blockchain and big airdrop failed to sustain the rise. In the beginning, the token's value soared to $0.068 but then dropped to $0.031 due to strong selling pressure from major holders.

Dogecoin, Shiba Inu, and PEPE—three of the most popular meme coins—all had steep drops in value during the last day. PEPE plunged 6.3%, Dogecoin 4.3%, and Shiba Inu 4%. Market capitalization for the meme currency has dropped to $127 billion, a decrease of 3.5% in the last day, according to statistics from CoinGecko.

After the airdrop of PENGU tokens to holders of Pudgy Penguins NFTs, the value of those tokens plummeted. Heavy selling pressure caused the floor price of the NFT collection to plummet from 33 ETH to 17 ETH due to the airdrop's declining value. After a brief jump to $0.068, the token swiftly fell more than 50% to $0.031, severely reducing the value of the collection.

Bored Ape Yacht Club, with a floor price of 18.89 ETH, has surpassed Pudgy Penguins and is now the third biggest NFT collection by market value, according to CoinGecko.

At its introduction, the PENGU coin had a market worth of $2.3 billion and had a four-hour trading volume of $425 million. The majority of traders, according to Lookonchain statistics, flipped tokens for fast gains, which made the market even more unstable and hurt the Pudgy Penguins ecosystem.

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