PENGU token plunges 50% after airdrop as Pudgy Penguins NFT ground value tumbles

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Key Takeaways

PENGU token plummeted over 50% in worth following its airdrop.
The decline in PENGU token additionally led to a pointy drop in Pudgy Penguins NFT ground value.

PENGU token plunged greater than 50% after its airdrop to Pudgy Penguins NFT holders went reside. The token’s worth initially surged to $0.068 however shortly fell to $0.031 amid heavy promoting strain.

The token’s decline coincided with a pointy drop in Pudgy Penguins NFT costs, because the airdrop’s falling worth additionally triggered a decline within the NFT assortment’s ground value, dropping from 33 ETH to 16 ETH.

The NFT assortment, which not too long ago ranked because the second-largest by market cap, has fallen again to 3rd place as Bored Ape Yacht Membership reclaimed the spot with a ground value of 18.89 ETH, in line with CoinGecko knowledge.

The token launched with a $2.3 billion market capitalization and shortly generated over $90 million in buying and selling quantity. At press time, PENGU’s market cap has fallen to lower than $1.9 billion and continues to say no.

Buying and selling exercise intensified within the first 4 hours, reaching $425 million in quantity, whereas GeckoTerminal knowledge confirmed greater than 250,000 on-chain holders.

Nevertheless, DexScreener knowledge confirmed a major imbalance in market sentiment, with 111,000 sellers outpacing 59,000 consumers, contributing to the downward strain on the token’s value.

On-chain evaluation from Lookonchain, shared on X, revealed additional insights into the volatility.

Many merchants purchased and bought PENGU for fast earnings, with one notable instance involving a dealer who bought 5.3 million tokens and bought them in batches inside 20 minutes, incomes $13.72 million.

This sample highlights the dearth of long-term holders, as many customers shortly offloaded their tokens to capitalize on the launch.

Main crypto exchanges together with Binance, OKX, Bybit, and KuCoin listed PENGU for spot buying and selling in the course of the launch.