The price of $PENGU has declined over 50% from its all-time high (ATH) in the past 19 hours following a massive airdrop. Analysis of the actions taken by the Top 11 $PENGU airdrop claimants reveals a clear trend: large sell-offs have contributed to significant downward pressure on the token. While some claimants remain strong holders, a substantial portion of tokens has already been liquidated.
The $PENGU price has fallen over 50% from its ATH in the past 19 hours post-airdrop! So, what have the Top 11 $PENGU Airdrop Claimants been doing with their tokens? Total Claimed: 991.36M $PENGU ($68.4M at peak). Sold Amount: 351M $PENGU ($10.7M), or 35.4% of the claimed… pic.twitter.com/aJL75hf0NT
— Spot On Chain (@spotonchain) December 18, 2024
According to Spot On Chain, The airdrop distributed 991.36 million $PENGU tokens, which were valued at a peak of $68.4 million when the price reached $0.06992. However, in just under a day, the token’s value has tumbled by 52.3%, erasing significant paper profits.
A detailed breakdown shows that 351 million tokens—equivalent to $10.7 million—have already been sold. This accounts for 35.4% of the total claimed tokens. Meanwhile, the remaining 620.29 million $PENGU tokens are now worth just $18.6 million at current prices.
Top Claimants’ Actions Trigger $PENGU Price Decline
The behavior of the Top 11 claimants reveals a divide between holders and sellers. Only four out of 11 claimants have chosen to hold onto their entire airdrop allocation, signaling confidence or a long-term outlook on $PENGU. However, the rest have sold varying portions of their holdings, either partially or entirely, to realize immediate profits. Claimant 1, who received the largest allocation of 177.3 million $PENGU, deposited the entire amount to Binance, selling for approximately $4.84 million.Claimant 2 sold a small amount, just 2.1 million tokens, for 64.7K USDT, while sending 20 million $PENGU to mint other assets.Claimant 4 netted significant profits by selling 73.8 million tokens for 11,249 SOL ($2.45M), while Claimant 5 sold over 62 million tokens for 8,015 SOL ($1.73M).
At the other end of the spectrum, several claimants, including Claimants 3, 7, 10, and 11, have held onto their entire airdrop allocation despite the price decline. Their holdings now represent a combined value of millions of dollars at the current price. The massive sell-offs by key airdrop claimants have clearly contributed to the token’s sharp decline. Large sales often trigger panic among smaller holders, further driving prices down. The data suggests that heavy profit-taking by a few influential wallets has outpaced buying pressure, leading to the 52% drop from ATH.
As the sold amount totals 351 million tokens, this liquidation has created significant supply pressure in a short timeframe. Such a high percentage of sold tokens within hours highlights the volatility and profit-driven behavior that often accompanies major airdrops in the cryptocurrency market.
Airdrop Strategy and Market Sentiment Drive $PENGU Outlook
Airdrops are designed to incentivize user participation and reward community members, but they often lead to rapid sell-offs as recipients cash in on their windfall. The case of $PENGU reflects this familiar pattern: while some recipients have chosen to hold, others saw an opportunity to realize quick profits.
The current market sentiment toward $PENGU remains uncertain. The price drop has sparked concerns over the token’s ability to recover, particularly as its ATH of $0.06992 now seems distant. However, the fact that four major claimants are still holding their tokens could signal optimism among long-term believers.
The fate of $PENGU will likely depend on whether buying momentum can offset the selling pressure. With a significant portion of tokens still held by major claimants, any decision to sell further could exacerbate the price decline. Conversely, if sentiment improves and more investors view the current price as an opportunity to accumulate, a rebound could occur.
For now, the data reveals a sharp contrast between profit-takers and committed holders among the Top 11 claimants. As the broader market assesses $PENGU’s long-term viability, the actions of these major wallets will continue to play a key role in influencing price trends.
The $PENGU token’s price collapse by 52% post-airdrop has been driven largely by significant sell-offs from key recipients. Out of the 991.36 million tokens distributed, 351 million have already been sold, worth $10.7 million. Meanwhile, 620.29 million tokens remain in the hands of claimants, now valued at $18.6 million.
As the market digests the impact of these sales, attention will remain on the behavior of top holders and whether renewed interest can drive a recovery. For now, $PENGU’s sharp decline underscores the volatility and challenges that accompany major token airdrops.
