**Pudgy Penguins Token PENGU Plummets Post-Airdrop**

Pudgy Penguins' new token, PENGU, saw a dramatic 50% drop in value shortly after its much-anticipated airdrop on December 17. Initially valued at a market cap of $2.8 billion, the token's worth has since fallen below $2 billion, as reported by CoinGecko. Despite the lack of a defined use case, PENGU is expected to play a role in project governance.

The Pudgy Penguins NFT collection, launched in 2021, includes 8,888 unique penguin images. These NFTs, along with Lil’ Pudgys and Pudgy Rods, are eligible for PENGU claims. The floor price for a Pudgy Penguin NFT stands at over 16 ETH, or about $64,000, according to OpenSea.