The PENGU token, part of the Pudgy Penguins NFT collection, was recently launched with an airdrop to eligible recipients. However, the token faced a 35% price drop due to intense selling pressure post-launch. Despite a surge in trading volume to $474 million within the first hour, the market cap decreased from $4.32 billion to $3.07 billion. The token's price also fell from $0.068 to $0.043, with selling pressure potentially driving it lower. The Pudgy Penguins NFT floor price hit a record high before dropping by 43.60% in the last 24 hours. While some traders profited from the token, rapid gains may not be sustainable. As the market evolves, it is essential to conduct thorough research and seek professional advice before making financial decisions. Read more AI-generated news on: https://app.chaingpt.org/news

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