#Crypto2025Trends #pengu
Token Plummets 55% After Airdrop, Meme Coins Experience Significant Drops
The highly anticipated launch of $PENGU on Solana was met with initial excitement, but the token's value quickly crashed by over 54% to $0.031 within 24 hours. This drastic decline was largely due to heavy selling by top holders.
The downturn in $PENGU's value had a ripple effect on the broader meme coin market, with major players like Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe experiencing significant drops of 4%, 4.3%, and 6.3%, respectively. As a result, the overall meme coin market cap declined by 3.5% to $127 billion.
Pudgy Penguins NFT Floor Price Drops 48%
Following the $PENGU airdrop, Pudgy Penguins NFTs saw their value plummet, with the floor price dropping from 33 ETH to 17 ETH. This sharp decline prompted sales from holders, causing Pudgy Penguins to fall to third place behind Bored Ape Yacht Club, which boasts a higher floor price of 18.89 ETH.
$PENGU's market cap initially stood at $2.3 billion, with high trading volume. However, quick profit-taking by traders led to market instability and negative sentiment towards the Pudgy Penguins ecosystem.