Pudgy Penguins NFT Floor Price Drops As Pudgy Penguins Coin Drops 50% After Airdrop
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Pengu Token's price has fallen by more than 50% following the airdrop. The decline of the PENGU token has caused the Pudgy Penguin NFT floor price to drop significantly.
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Pengu Token has fallen more than 50% after an airdrop to Pudgy Penguin NFT holders. The token price initially rose to $0.068 but quickly fell to $0.031 amid heavy selling pressure.
The token's decline followed a sharp drop in Pudgy Penguin's NFT price, with the price of the weather fall dropping from 33 ETH to 16 ETH as the price of the NFT stock floor dropped.
According to CoinGecko data, Bored Up Yacht Club has recently fallen to third place as the market's second-highest NFT cluster, taking its place with a floor price of 18.89 ETH.
The token launched with a market capitalization of $2.3 billion and quickly generated over $90 million in trading volume. At press time, Pengu's market value had fallen below $1.9 billion.
In the first four hours, trading activity was strong and reached $425 million.
However, the DexScreener data showed significant volatility in market sentiment, with 111,000 sellers outnumbering 59,000 buyers, contributing to downward pressure on the token's price.
An on-chain analysis of the Lookonchain shared on X revealed further insights into its dynamics.
Many traders bought and sold PENGU for quick profits, one notable example was a trader who bought 5.3 million tokens and sold them in a batch in 20 minutes, earning $13.72 million.
This pattern highlights the lack of a long-term owner, as many users quickly loaded their tokens to use the launch.
Major crypto exchanges including Binance, OKX, Bybit and KuCoin have registered PENGU for spot trading.
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