Non Cult Crypto News

Non Cult Crypto News

in

Pudgy Penguins’ PENGU token down more than 50% after launch

The non-fungible token (NFT) project’s new token has had a lackluster debut in the early hours of trading.

COINTELEGRAPH IN YOUR SOCIAL FEED

Pudgy Penguins’ native token, PENGU, is down more than 50% in the first hours of trading after the non-fungible token (NFT) project’s much-anticipated Dec. 17 airdrop. 

The project has distributed approximately half of PENGU’s total supply of nearly 89 billion tokens to community members, with around 26% earmarked for NFT holders, according to Pudgy Penguins’ website. 

Initially debuting at a market capitalization of around $2.8 billion, the PENGU token, which trades on Solana (SOL), has since dropped in price to less than $2 billion, according to data from CoinGecko. 

The Pudgy Penguins team has not announced a specific use case for PENGU tokens, but they are expected to play a role in the project’s governance, according to Bybit. 

Source: CoinGecko

Related: Pudgy Penguins CEO unfazed by SEC actions against NFT sector

Lucrative NFT collections

Launched in 2021, Pudgy Penguins is a collection of 8,888 NFTs, each representing a unique image of the brand’s iconic penguins. 

The project has since launched other NFTs, including Lil’ Pudgys — a collection of 22,000 baby penguins — and Pudgy Rods, which depict penguin-themed fishing rods. 

Holders of any of these NFTs are eligible to claim Pengu by demonstrating proof of ownership on the Ethereum network, the Pudgy Penguins team said.  

According to OpenSea, an NFT marketplace, the floor price for a Pudgy Penguin NFT as of Dec. 17 is more than 16 Ether (ETH), or approximately $64,000. The NFTs are distributed among nearly 5,000 unique wallets. 

They traded at a floor price of nearly 36 ETH shortly before PENGU’s debut, according to OpenSea.

Source: OpenSea

Meanwhile, Lil’ Pudgys and Pudgy Rods trade at floor prices of around 1.7 ETH and 0.7 ETH respectively, according to OpenSea. 

Pudgy Penguins has also sold 1.5 million Pudgy-branded toys in retail stores such as Walmart, according to Pudgy Penguins’ website. 

Pudgy Penguins are the priciest NFTs after CryptoPunks. Among the oldest NFT collections, CryptoPunks — a collection of 10,000 NFTs launched in 2017 — have traded for upward of $20 million per NFT. 

As of Dec. 17, several CryptoPunks NFTs are listed for around $170,000, according to CryptoPunks’ website.

Magazine: Crypto has 4 years to grow so big ‘no one can shut it down’: Kain Warwick, Infinex

This article first appeared at Cointelegraph.com News

What do you think?

Written by Outside Source

Coins with potential: 4 best crypto presales to consider investing in for 2025

BONK and WIF Pumping as Bitcoin Nears $110K, STARS Meme Coin Presale Nears $20 Million

Back to Top

Ad Blocker Detected!

We've detected an Ad Blocker on your system. Please consider disabling it for Non Cult Crypto News.

How to disable? Refresh

Log In

Or with username:

Forgot password?

Don't have an account? Register

Forgot password?

Enter your account data and we will send you a link to reset your password.

Your password reset link appears to be invalid or expired.

Log in

Privacy Policy

To use social login you have to agree with the storage and handling of your data by this website.

Add to Collection

No Collections

Here you'll find all collections you've created before.