After the airdrop frenzy, PENGU token drops 25%: What’s next for the chubby penguin?
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Earlier this week, the Pudgy Penguins (PENGU) token underwent its first large-scale airdrop, with nearly 70% unlocked and in circulation. In the following days, the token's price plummeted significantly. This mid-cap altcoin has a fully diluted valuation of about $2.1 billion, with a 24-hour average trading volume of approximately $1.2 billion, having dropped over 25% in the past 24 hours. On Friday morning trading in New York on December 20, it was trading at about $0.024.
As bearish sentiment in the cryptocurrency market intensifies, over $1.3 million has been liquidated from the PENGU leveraged market, with over 85% involving long traders. With more early adopters of PENGU accelerating profit-taking from the recently obtained tokens through the airdrop, this altcoin faces more bearish sentiment in the short term.
PENGU Market Fundamentals
The rise of the PENGU token is attributed to the tangible success of the Pudgy Penguins collection of 8,888 NFTs. According to market data from OpenSea, the floor price of Pudgy Penguins NFTs is about 16.8 ETH, exceeding $50,000, having risen more than 51% in the past 90 days.
The Pudgy Penguins team has expanded its services from the digital realm to the real world, launching merchandise such as toys and clothing. With the rapidly developing Huddle community, the Pudgy Penguins ecosystem is poised for exponential growth amidst the mainstream adoption of cryptocurrencies.
What’s next?
After the PENGU token airdrop cools off in the short term, the project is expected to experience exponential growth in the macro cryptocurrency bull market of 2025. Moreover, the PENGU project has successfully absorbed the intensified selling pressure, maintaining a market cap of over $1 billion.
Therefore, crypto analyst Leshka expects PENGU's market cap to surpass $10 billion in the short term.
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