The highly anticipated launch of Pudgy Penguin’s token, $PENGU , on the Solana blockchain, accompanied by a massive airdrop, failed to sustain its momentum as the token’s value plummeted by over 54% within 24 hours. After an initial surge to $0.068, PENGU dropped to $0.031 under heavy selling pressure from top holders.
The broader meme coin market also faced significant losses over the same period. Leading tokens like Dogecoin, $SHIB , and $PEPE saw declines of 4%, 4.3%, and 6.3%, respectively. According to CoinGecko, the meme coin market cap fell to $127 billion, marking a 3.5% decline in just 24 hours.
