The value of the PENGU token plummeted more than 50% after its airdrop.
The PENGU token drop also caused a sharp drop in the Pudgy Penguins nft floor price.
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The PENGU token plummeted more than 50% after its airdrop was launched to Pudgy Penguins nft holders. The token's value initially rose to $0.068, but quickly fell to $0.031 amid heavy selling pressure.
PENGU Price Chart (TradingView)
The token drop coincided with a sharp drop in Pudgy Penguins nft prices, as the drop in airdrop value also caused a drop in the minimum price of the nft collection, falling from 33 eth to 16 eth.
The nft collection, which recently ranked as the second largest by market cap, fell back to third place as Bored Ape Yacht Club regained the spot with a floor price of 18.89 eth, according to <a target="_blank" href="https://www.coingecko.com/en/nft” target=”_blank” rel=”noopener nofollow noreferrer”>CoinGecko Data.
The token launched with a market capitalization of $2.3 billion and quickly generated over $90 million in trading volume. At the time of this publication, PENGU's market capitalization has fallen to less than $1.9 billion.
Trading activity intensified in the first four hours, reaching a volume of $425 million, while GeckoTerminal data showed more than 250,000 network headlines.
However, DexScreener data showed a significant imbalance in market sentiment, with 111,000 sellers outnumbering 59,000 buyers, contributing to the downward pressure on the token's price.
Lookonchain on-chain analysis, <a target="_blank" href="https://x.com/lookonchain/status/1869013028236410900″ target=”_blank” rel=”noopener nofollow noreferrer”>shared on xrevealed more information about volatility.
Many traders bought and sold PENGU to make quick profits, with one notable example involving a trader who bought 5.3 million tokens and sold them in batches within 20 minutes, earning $13.72 million.
This pattern highlights the lack of long-term holders, as many users quickly dumped their tokens to capitalize on the launch.
Major crypto exchanges including Binance, OKX, Bybit, and KuCoin listed PENGU for spot trading during the launch.
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