The PENGU token of Pudgy Penguins drops over 50% after launch
The PENGU token of Pudgy Penguins has experienced a price drop of over 50% within just a few hours after its launch on December 17, 2024. The primary reason for this decline is a significant sell-off after half of the nearly 89 billion tokens were distributed in an airdrop program, of which 26% were allocated to holders of Pudgy Penguins NFTs. Initially, the price of PENGU peaked at $0.068 but quickly plummeted to $0.031, reflecting a depreciation of up to 54% at the current time.
Additionally, the floor price of the Pudgy Penguins NFT collection has also decreased by over 50%, from around 34.1 ETH to 15.75 ETH, indicating profit-taking by many investors immediately after the airdrop event. Analysts suggest that this volatility is normal during airdrop events, where sell-offs often occur from those witnessing quick profits.
