The highly anticipated launch of Pudgy Penguin's PENGU token on the Solana blockchain, along with a large airdrop, failed to maintain its momentum as the token's value dropped over 54% within 24 hours. The token's value initially surged to $0.068 before falling to $0.031 amid strong selling pressure from top holders.
Top meme coins also saw significant declines in the past 24 hours, with Dogecoin, Shiba Inu, and PEPE dropping 4%, 4.3%, and 6.3% respectively. The market capitalization of meme coins has decreased to $127 billion, marking a 3.5% decline in the past 24 hours, according to CoinGecko data.
Pudgy Penguins NFT Floor Price Drops 48%
Pudgy Penguins NFTs experienced a sharp price drop following the airdrop of the PENGU token to its holders. The floor price of the NFT collection fell from 33 ETH to 17 ETH as the declining value from the airdrop caused strong selling pressure. Initially, the token surged to $0.068 but quickly dropped over 50% to $0.031, further pulling down the value of the collection.
Once the second-largest NFT collection by market capitalization, Pudgy Penguins has now fallen to third place, surpassed by Bored Ape Yacht Club with a floor price of 18.89 ETH, according to CoinGecko.
The PENGU token launched with a market capitalization of $2.3 billion and saw strong trading activity, with a volume of $425 million in just four hours. However, Lookonchain data shows that most traders flipped the token for quick profits, exacerbating market instability and weakening sentiment towards the Pudgy Penguins ecosystem.
DYOR! #Write2Win #Write&Earn $PENGU