Pudgy Penguin PENGU token is reduced by more than 50%
Pudgy Penguin native token PENGU is down more than 50% in the first hours of trading after the much-anticipated Dec. 17 airdrop of the cryptocurrency token (NFT) project.
The project will distribute half of Pengu's total supply of around 89 billion to community members, with 26 percent earmarked for NFT holders, according to Pudgy Penguins' website.
Initially starting with a market capitalization of around $2.8 billion, the PENGU token traded on Solana has dropped to less than $2 billion in market capitalization, according to data from CoinGecko.
The Pudgy Penguin team has not announced a specific use case for PENGU tokens, but they are expected to play a role in the management of the project, according to Bybit.
Source: CoinGecko
Related: Pudgy Penguin CEO Unfazed by SEC Actions on NFT Sector
Profitable NFT collections
In the year Launched in 2021, Pudgy Penguins is a collection of 8,888 NFTs, each representing the brand's penguin image.
The project has since launched other NFTs, including Lil' Pudgys – a collection of 22,000 baby penguins – and Pudgy Rods, which feature penguin-themed fishing rods.
Owners of these NFTs are eligible to claim PENGU by showing proof of ownership on the Ethereum network, the Pudgy Penguin team said.
According to OpenSea, an NFT marketplace, the floor price for the Pudgy Penguin NFT as of December 17 is over 16 Ether (ETH), or around $64,000. NFTs are distributed in around 5,000 unique wallets.
Shortly before Pengu's debut, it was trading at a floor price of around 36 ETH, according to OpenSea.
Source: OpenSea
Meanwhile, Lil Pudgies and Pudgy Rhodes are trading at floor prices of around 1.7 ETH and 0.7 ETH, Opensea reports.
Pudgy Penguins has sold 1.5 million Pudgy-branded toys in retail stores such as Walmart, according to the Pudgy Penguins website.
Pudgy Penguins are the most expensive NFTs after CryptoPunks. Among the oldest NFT collections, CryptoPunks – a collection of 10,000 NFTs launched in 2017 – traded more than $20 million per NFT.
As of December 17th, several CryptoPunks NFTs were listed for around $170,000 according to the CryptoPunks website.
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