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Qadir AK
Qadir AK
Author
Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.
- Dec 20, 2024 11:56 UTC
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PENGU Token Crashes 25% After Airdrop, but Should You Exit?
After a significant airdrop, the PENGU token has experienced a sharp decline, with over 25% losses in the last 24 hours.
Heightened bearish sentiment and profit-taking from early adopters are contributing to the price drop.
Despite the current downturn, PENGU has strong fundamentals and is set for growth soon.
After launching a major airdrop earlier this week that unlocked nearly 70% of the Pudgy Penguins (PENGU) token into circulation, the altcoin has seen a sharp decline. With a fully diluted market valuation of about $2.1 billion and a 24-hour trading volume around $1.2 billion, PENGU dropped over 25% in just 24 hours, trading at about $0.024 on Friday, December 20, during the early New York session.
The drop in price comes amid broader bearish sentiment in the crypto market. More than $1.3 million was liquidated from the PENGU leveraged market, with over 85% of liquidations involving long traders. As early adopters, who received PENGU tokens during the airdrop, begin to take profits, the token faces more downward pressure in the near term.
What to expect ahead? We’ve laid it all out for you.
PENGU Market Fundamentals
Despite the recent decline, PENGU’s value is supported by the success of the Pudgy Penguins NFT collection, which consists of 8,888 digital assets. According to OpenSea, the floor price of these NFTs is around 16.8 ETH, or more than $50k, reflecting a 51% rise over the past 90 days.
The Pudgy Penguins team has also expanded into physical products like toys and clothing, further growing their brand. The community around Pudgy Penguins, known as the Huddle community, has also grown significantly, strengthening the ecosystem and positioning the project for future growth as the crypto industry continues to adopt mainstream attention.
What’s Next for PENGU?
While the immediate effects of the airdrop may have cooled off, Pudgy Penguins is well-positioned for long-term growth, especially with the expected crypto bull run in 2025. Despite facing selling pressure, PENGU has managed to hold a market cap above $1 billion, demonstrating its resilience.
Crypto analyst Leshka expects the PENGU project to surpass a $10 billion market cap in the near future, highlighting the potential for significant gains despite short-term price fluctuations.
With the Pudgy Penguins ecosystem gaining momentum both digitally and physically, it’s clear that this is just the beginning of a much bigger story.
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FAQs
PENGU crypto is the native token of the Pudgy Penguins ecosystem, linked to a popular NFT collection and physical products.
At the time of writing, the price of 1 PENGU token was $0.02528.
Yes 
No 
