Hold onto your hats, crypto fans, because the PENGU token is taking us on a rollercoaster ride! Fresh off the launch pad, this shiny new coin from the Pudgy Penguins family took a nosedive quicker than a penguin on ice skates. After its big debut, PENGU’s value dropped a whopping 57.8% in just one day, landing at around $0.02892.
The buzz around this token was huge, and on December 17, they airdropped about 62.8 billion PENGU tokens to a lucky bunch of NFT holders, traders, and team members. Initially, PENGU soared into the top 100 cryptocurrencies by market cap, but as quickly as it rose, it tumbled, losing over 60% of its value from a peak of $0.06845 to a low of $0.027. Talk about a wild ride!
And it wasn’t just the token feeling the chill. The Pudgy Penguins NFT collection also took a hit, with its floor price dropping more than 48% in a day, from a dreamy 36.33 ETH to a less glamorous 17.1 ETH, worth around $64,450.
Despite this icy setback, the NFT collection saw a surge in trading activity, with daily sales volume shooting up 258% to $21.7 million. Some savvy investors saw this as a golden opportunity to scoop up bargains, with the average sale price now sitting at 19.89 ETH.
Now, if you’re wondering why such sharp sell-offs happen, it’s not a new phenomenon. Many airdropped tokens, like the ME token from Magic Eden and MOVE from Movement Network, have faced similar post-launch sell-offs. It seems recipients often rush to cash in, causing a bit of market chaos.
Yet, PENGU isn’t down for the count. It still boasts a market cap just shy of $2 billion, comfortably placing it at #78 among crypto giants. And guess what? It’s already showing signs of a comeback, bouncing back 10.5% from its lowest point just hours ago. So, whether you’re a fan of penguins or profit, keep an eye on this one—it’s gearing up for what could be an exciting journey!
