𝐏𝐮𝐝𝐠𝐲 𝐏𝐞𝐧𝐠𝐮𝐢𝐧𝐬 𝐍𝐅𝐓 𝐂𝐨𝐥𝐥𝐞𝐜𝐭𝐢𝐨𝐧 𝐅𝐚𝐜𝐞𝐬 𝐒𝐡𝐚𝐫𝐩 𝐃𝐞𝐜𝐥𝐢𝐧𝐞 𝐀𝐦𝐢𝐝 𝐓𝐨𝐤𝐞𝐧 𝐓𝐮𝐫𝐦𝐨𝐢𝐥🚨👇🚀

The much-anticipated launch of Pudgy Penguins’ PENGU token on the Solana blockchain ended in disappointment as its value nosedived by 54% within a single day. Initially surging to $0.068, the token was quickly driven down to $0.031 as major holders offloaded their positions. This sharp selloff had a domino effect on the NFT collection’s floor price, which plunged from 33 ETH to 17 ETH, highlighting the adverse impact on the ecosystem.

The broader meme coin market also suffered steep losses, with popular tokens such as Dogecoin, Shiba Inu, and PEPE experiencing notable declines. Dogecoin dropped 4.3%, Shiba Inu slid by 4%, and PEPE fell by 6.3%. Collectively, the meme coin market shed 3.5% of its capitalization in 24 hours, shrinking to $127 billion, as per CoinGecko data.

Despite the initial hype, PENGU’s market debut was marred by volatility, with its valuation hitting $2.3 billion and recording $425 million in trading volume within four hours. However, data from Lookonchain revealed that a significant number of traders flipped the token for quick profits, amplifying market instability. This speculative activity undermined the Pudgy Penguins ecosystem, causing both the token and NFT collection to lose substantial value.

Meanwhile, Bored Ape Yacht Club has overtaken Pudgy Penguins, now holding the third spot in NFT rankings with a floor price of 18.89 ETH. This shift underscores the challenges faced by newer projects in sustaining value amid heightened market activity and heavy profit-taking by traders.

#CryptoMarkets #PENGUCrash #NFTVolatility #MarketUpdate $BTC $PENGU $ETH