The well-known NFT project Pudgy Penguins just airdropped the token PENGU on 12/17, and shortly after, the price rapidly dropped by nearly 60%, disappointing many Pudgy Penguins fans.
PENGU token opened with a nearly 60% plummet, affecting NFTs
The well-known NFT project Pudgy Penguins' native token PENGU just listed on the famous exchange Binance on 12/17, along with an airdrop, but the price quickly dropped after going live, with a single-day decline of over 50%. Market data shows that PENGU's market cap fell from the original $2.8 billion to less than $2 billion, disappointing many Pudgy Penguins fans.
PENGU plummeted nearly 60% in a single day
Data from the NFT platform OpenSea shows that the price of Pudgy Penguins NFTs also dropped from nearly 36.48 ETH on 12/17 to 17 ETH on 12/18.
Pudgy Penguins' physical product sales are impressive, but they have also triggered negative effects
The Pudgy Penguins team had previously announced plans to further expand the brand into physical product lines, with over 1.5 million Pudgy Penguins toys currently sold through retail channels like Walmart. However, due to the team's marketing strategy, they included airdrop QR code paper slips containing the token PENGU in the packaging, leading many speculators to destroy the packaging to take the slips, leaving only the toys themselves, causing outrage among many netizens and collectors.
(Pudgy Penguins is in constant turmoil! The listing of PENGU token on Binance sparked a frenzy, and toys were unboxed to grab QR codes, causing controversy)
This article discusses the nearly 60% drop in trading on the first day of Pudgy Penguins token PENGU, with NFT floor prices also severely halved, originally appearing in Chain News ABMedia.
