The native token of NFT project Pudgy Penguins, PENGU, has fallen more than 50% in its first hours of trading following the project’s highly anticipated Dec. 17 airdrop. The project has distributed around half of PENGU’s total supply of nearly 89 billion tokens to community members, with approximately 26% designated for NFT holders, according to Pudgy Penguins’ website.
Initially, the PENGU token had a market capitalization of about $2.8 billion, but has since dropped to less than $2 billion, according to CoinGecko. The Pudgy Penguins team has not specified a particular use case for PENGU tokens, but they are expected to play a role in the project’s governance, according to Bybit.
Launched in 2021, Pudgy Penguins is a collection of 8,888 NFTs, each representing a unique image of the brand’s iconic penguins. The project has since launched other NFTs, including Lil’ Pudgys — a collection of 22,000 baby penguins — and Pudgy Rods, which depict penguin-themed fishing rods. Holders of any of these NFTs can claim Pengu by proving ownership on the Ethereum network, according to the Pudgy Penguins team.
As of Dec. 17, the floor price for a Pudgy Penguin NFT is more than 16 Ether (ETH), or approximately $64,000, according to OpenSea. The NFTs are distributed among nearly 5,000 unique wallets. They traded at a floor price of nearly 36 ETH shortly before PENGU’s debut, according to OpenSea. Lil’ Pudgys and Pudgy Rods trade at floor prices of around 1.7 ETH and 0.7 ETH respectively, according to OpenSea.
Pudgy Penguins has also sold 1.5 million Pudgy-branded toys in retail stores such as Walmart, according to the project’s website. Pudgy Penguins are the second-priciest NFTs after CryptoPunks. Among the oldest NFT collections, CryptoPunks — a collection of 10,000 NFTs launched in 2017 — have traded for upward of $20 million per NFT.
As of Dec. 17, several CryptoPunks NFTs are listed for around $170,000, according to CryptoPunks’ website.
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