NFT Coin $PENGU Falls +30% From ATH

NFT Coin $PENGU Falls +30% From ATH – What Went Wrong?

Updated: 18 December 2024

Disclosure

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

On December 17, 2024, Igloo, the digital asset incubation studio, and the team behind the popular pudgy penguins non-fungible token collection, launched its highly anticipated native token $PENGU on Binance, one of the largest cryptocurrency exchanges. Unfortunately, the Pudgy Penguins’ NFT coin $PENGU is down more than 30% several hours after launch. In this article, we shall explore what went wrong.

Yeah well.

Pudgy Penguins $PENGU airdrop? Check.

Dumping those expensive a*s #NFTs? Double check.

Floor prices are down almost 50% lol. Retail, you're the exit liquidity, again.

Pump, dump & repeat, friends. https://t.co/2kdOV34Nh9 pic.twitter.com/CpqvIfAPQQ

— BROKΞLAMBO (@BrokeLambo) December 17, 2024

NFT Coin ‘$PENGU’ Market Health

Data compiled by CoinMarketCap.com, an on-chain cryptocurrency market data aggregator and non-fungible token explorer, shows that the Pudgy Penguins’ NFT coin $PENGU is down over 30% from its initial all-time high. $PENGU successfully launched on the Binance crypto exchange on December 17.2024 at around 5.00 ECT and rapidly rose from $0.0003375 to $0.05063.

Unfortunately, the $PENGU price began dropping several hours later, dropping from $0.05063 to $0.02976. At the time of publishing, the $PENGU price is finding support around $0.02888. Nonetheless, the $PENGU price is up +400% in the past 24 hours. During this period, the NFT coin has a market capitalization of $1.8 billion and a fully diluted valuation (FDV) of $2.56 billion. $PENGU has amassed a trading sales volume of $2.18 billion in the past 24 hours.

By description, $PENGU is the utility token of the Pudgy Penguins, the globally acknowledged non-fungible token collection, which features a limited edition of 8,888 unique cartoons of cute penguins. The $PENGU token launched on the Solana blockchain network and airdropped to Pudgy Penguins and Lil Pudgy holders, and potentially holders of other pudgy digital assets like Pengu Pins and Pudgy Rods as part of Pudgy Penguins’ broader strategy to grow its ecosystem.

What Went Wrong?

The Pudgy Penguins’ native token, $PENGU, is currently down nearly 50% in the first hours of trading. Some of the factors associated with the $PENGU token price drop include technical problems during the launch as crypto wallets flagged its website as ‘dangerous’ and claimants,’ while complaining of missing tokens. Moreover, PENGU’s price drop can be linked to massive selling pressure from the airdrop.

now metamask is pissed off and thinks the pudgy site is phishing

fuck off @MetaMask ! pic.twitter.com/vDwcwnQEqY

— DeeZe ⛳🏌️‍♂️ (@DeeZe) December 17, 2024