Key Takeaways
- PENGU token plummeted over 50% in value following its airdrop.
- The decline in PENGU token also led to a sharp drop in Pudgy Penguins NFT floor price.
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PENGU token plunged more than 50% after its airdrop to Pudgy Penguins NFT holders went live. The token’s value initially surged to $0.068 but quickly fell to $0.031 amid heavy selling pressure.
The token’s decline coincided with a sharp drop in Pudgy Penguins NFT prices, as the airdrop’s falling value also triggered a decline in the NFT collection’s floor price, dropping from 33 ETH to 16 ETH.
The NFT collection, which recently ranked as the second-largest by market cap, has fallen back to third place as Bored Ape Yacht Club reclaimed the spot with a floor price of 18.89 ETH, according to CoinGecko data.
The token launched with a $2.3 billion market capitalization and quickly generated over $90 million in trading volume. At press time, PENGU’s market cap has fallen to less than $1.8 billion and continues to decline.
Trading activity intensified in the first four hours, reaching $425 million in volume, while GeckoTerminal data showed more than 250,000 on-chain holders.
However, DexScreener data showed a significant imbalance in market sentiment, with 111,000 sellers outpacing 59,000 buyers, contributing to the downward pressure on the token’s price.
On-chain analysis from Lookonchain, shared on X, revealed further insights into the volatility.
Many traders bought and sold…
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