{"id":611127,"date":"2024-12-18T09:04:40","date_gmt":"2024-12-18T09:04:40","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=611127"},"modified":"2024-12-18T09:04:40","modified_gmt":"2024-12-18T09:04:40","slug":"pudgy-penguins-token-pengu-sinks-more-than-50-after-launch-as-nft-prices-slide","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/pudgy-penguins-token-pengu-sinks-more-than-50-after-launch-as-nft-prices-slide","title":{"rendered":"Pudgy Penguins Token PENGU Sinks More Than 50% After Launch As NFT Prices Slide"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">The native Pudgy Penguins token PENGU has plunged almost 52% in the past 24 hours following the project&rsquo;s highly-anticipated airdrop yesterday.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The new Solana token entered the market with an initial market cap of around $2.8 billion, only to plunge to just over $1.87 billion. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The Pudge Penguins price <a href=\"https:\/\/www.coingecko.com\/en\/coins\/pudgy-penguins\">traded at $0.03301<\/a> as of 3:43 a.m. EST after plummeting 51.8%. The price of the project&rsquo;s non-fungible tokens (NFTs) also plunged more than 50%.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Approximately half of PENGU&rsquo;s total supply of nearly 89 billion tokens has been distributed to the project&rsquo;s community members. Of the distributed tokens, 26% have been earmarked for NFT holders.<\/span><\/p>\n<p><img decoding=\"async\" class=\"alignnone\" src=\"https:\/\/nftinsider.io\/wp-content\/uploads\/2024\/11\/pudgy-penguins-explained-thumbnail.jpg\" alt=\"Pudgy Penguins\" width=\"2400\" height=\"1256\"><\/p>\n<h2><span style=\"font-weight: 400;\">PENGU Trading Volume Exceeded $2.34 Billion<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Along with the drop in price, the project saw significant selloffs. Approximately $9.3 million worth of <\/span><a href=\"https:\/\/insidebitcoins.com\/news\/pudgy-penguins-price-prediction-pengu-plunges-54-after-launch-as-this-vote-to-earn-meme-coin-presale-surpasses-7-million\"><span style=\"font-weight: 400;\">PENGU<\/span><\/a><span style=\"font-weight: 400;\">, accounting for 20% of the total supply, was liquidated.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"> Wallets linked to early investors were among those who sold their tokens shortly after launch, dumping large amounts of the new crypto on the market.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Buyers tried to fend off the pressure from sellers, but were outmatched. Overall, the 24-hour trading volume for PENGU reached more than $2.34 billion.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/search?q=%24PENGU&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$PENGU<\/a> is live on <a href=\"https:\/\/twitter.com\/binance?ref_src=twsrc%5Etfw\">@Binance<\/a>. <a href=\"https:\/\/t.co\/qY5uwuT62t\">pic.twitter.com\/qY5uwuT62t<\/a><\/p>\n<p>&mdash; Pudgy Penguins (@pudgypenguins) <a href=\"https:\/\/twitter.com\/pudgypenguins\/status\/1869057237542654117?ref_src=twsrc%5Etfw\">December 17, 2024<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2><span style=\"font-weight: 400;\">PENGU Price Drop Coincides With A Steep Correction In Pudgy Penguins NFT Floor Price<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Prior to the PENGU airdrop, the floor price for Pudgy Penguins NFTs had soared to a high of 36 Ethereum (ETH). Once the token hit the market, however, the price for a Pudgy Penguin NFT plunged to around 16 Ethereum (ETH).&nbsp;<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Pudgy Penguins trading as if the only reason it went up is because everyone was trying to get the airdrop, and now that the final exit liquidity event is over there is no reason to hold a useless jpeg anymore <a href=\"https:\/\/t.co\/6zTbigwVhJ\">pic.twitter.com\/6zTbigwVhJ<\/a><\/p>\n<p>&mdash; Wazz (@WazzCrypto) <a href=\"https:\/\/twitter.com\/WazzCrypto\/status\/1869028719521943678?ref_src=twsrc%5Etfw\">December 17, 2024<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400;\">This is after many investors who had purchased the NFTs to qualify for the PENGU token airdrop started disposing of their Pudgy Penguin NFTs on the market. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Despite the steep drop in the floor price, the Pudgy Penguins remains one of the most prominent <\/span><a href=\"https:\/\/insidebitcoins.com\/news\/nft-coin-pengu-falls-30-from-ath-what-went-wrong\"><span style=\"font-weight: 400;\">NFT<\/span><\/a><span style=\"font-weight: 400;\"> collections in the market after having sold millions of Pudgy-branded toys through retail stores like Walmart.&nbsp;<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Related Articles:&nbsp;<\/span><\/h3>\n<ul>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/insidebitcoins.com\/news\/new-solana-layer-2-ico-solaxy-explodes-on-launch-solx-token-raises-750k-in-first-72-hours\"><span style=\"font-weight: 400;\">New Solana Layer 2 ICO Solaxy Explodes On Launch<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/insidebitcoins.com\/news\/mt-gox-moves-over-172-million-in-bitcoin-to-unknown-wallets-shortly-after-btc-set-a-new-ath-above-107k\"><span style=\"font-weight: 400;\">Mt. Gox Moves Over $172 Million In Bitcoin To Unknown Wallets<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/insidebitcoins.com\/news\/pepe-price-prediction-pepe-drops-5-as-traders-pivot-to-this-new-meme-coin-rival-thats-raised-almost-30m-in-just-2-weeks\"><span style=\"font-weight: 400;\">Pepe Price Drops 5% As Traders Pivot To This New Meme Coin Rival<\/span><\/a><\/li>\n<\/ul>\n                                        <div class=\"inContentProviderSingle inContentColor--insidebitcoins fc-row\">\n                        <div class=\"inContentProviderSingle--wrapper\">\n                            <div class=\"container\">\n                                <div class=\"row mb-lg-3\">\n                                    <div class=\"col-12 col-md-8\">\n                                        <p class=\"inContentProviderSingle--title\">Best Wallet - Diversify Your Crypto Portfolio<\/p>\n                                    <\/div>\n                                    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The new Solana token <a class=\"read-more-link\" href=\"https:\/\/insidebitcoins.com\/in-content-providers\/a-default-box\" title=\"A Default Box\">[&#8230;]<\/a><\/div>","protected":false},"author":1954,"featured_media":611129,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[7596],"tags":[],"class_list":["post-611127","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.8 (Yoast SEO v23.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Pudgy Penguins Token PENGU Plunges More Than 50%<\/title>\n<meta name=\"description\" content=\"The Pudgy Penguins token PENGU plunged more than 50% after the project&#039;s highly-anticipated launch yesterday. What&#039;s next?\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/611127\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Pudgy Penguins Token PENGU Sinks More Than 50% After Launch As NFT Prices Slide\" \/>\n<meta property=\"og:site_name\" content=\"InsideBitcoins.com\" \/>\n<meta property=\"article:published_time\" content=\"2024-12-18T09:04:40+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2024\/12\/Pengu.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1600\" \/>\n\t<meta property=\"og:image:height\" content=\"900\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Steven Walgenbach\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@__CryptoSteve\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Steven Walgenbach\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/611127#article\",\"isPartOf\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/611127\"},\"author\":{\"name\":\"Steven Walgenbach\",\"@id\":\"https:\/\/insidebitcoins.com\/#\/schema\/person\/87782b69af094c4f9a428f68ec30855a\"},\"headline\":\"Pudgy Penguins Token PENGU Sinks More Than 50% After Launch As NFT Prices Slide\",\"datePublished\":\"2024-12-18T09:04:40+00:00\",\"dateModified\":\"2024-12-18T09:04:40+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/611127\"},\"wordCount\":347,\"publisher\":{\"@id\":\"https:\/\/insidebitcoins.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/611127#primaryimage\"},\"thumbnailUrl\":\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2024\/12\/Pengu.jpg\",\"articleSection\":[\"Breaking Crypto News\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/611127\",\"url\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/611127\",\"name\":\"Pudgy Penguins Token PENGU Plunges More Than 50%\",\"isPartOf\":{\"@id\":\"https:\/\/insidebitcoins.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/611127#primaryimage\"},\"image\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/611127#primaryimage\"},\"thumbnailUrl\":\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2024\/12\/Pengu.jpg\",\"datePublished\":\"2024-12-18T09:04:40+00:00\",\"dateModified\":\"2024-12-18T09:04:40+00:00\",\"description\":\"The Pudgy Penguins token PENGU plunged more than 50% after the project's highly-anticipated launch yesterday. 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