After the airdrop frenzy, the PENGU token dropped by 25%: What will the chubby penguin do next?

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Earlier this week, the Pudgy Penguins (PENGU) token underwent its first major airdrop, with nearly 70% unlocked and put into circulation. In the following days, the token's price plummeted. This mid-cap altcoin has a fully diluted valuation of approximately $2.1 billion, with a 24-hour average trading volume of about $1.2 billion, having dropped over 25% in the past 24 hours, trading at around $0.024 during early trading on Friday, December 20, in New York.

As bearish sentiment in the cryptocurrency market intensified, over $1.3 million was liquidated from the PENGU leveraged market, with over 85% involving long traders. As more early adopters of PENGU who obtained tokens through the recent airdrop accelerate profit-taking, 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 for Pudgy Penguins NFTs is around 16.8 ETH, over $50,000, having increased by 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 growing Huddle community, the Pudgy Penguins ecosystem is expected to achieve exponential growth in the context of mainstream cryptocurrency adoption.

What’s next?

After the PENGU token airdrop cools down in the short term, the project is expected to experience exponential growth in the macro crypto bull market of 2025. Additionally, the PENGU project has successfully absorbed the intensified selling pressure, maintaining a market capitalization of over $1 billion.

Therefore, crypto analyst Leshka expects PENGU’s market cap to exceed $10 billion in the short term.

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