news 
PENGU Token Drops 25% After Airdrop Frenzy : What’s Next for Pudgy Penguins?
The PENGU token, associated with the popular NFT collection Pudgy Penguins, has experienced a significant drop of over 25% in the past 24 hours. This drastic decline follows an intense airdrop frenzy earlier this week, which led to nearly 70 percent of the tokens being unlocked and entering circulation.
The mid-cap altcoin, boasting a fully diluted valuation of approximately $2.1 billion and a 24-hour average trading volume of around $1.2 billion, plummeted to around $0.024 on Friday, December 20, during the early New York session.
Following this recent market downturn, traders who received the token through the airdrop have taken profits from their investments, contributing to the bearish sentiment surrounding PENGU. The project’s success in absorbing heightened selling pressure and maintaining a market capitalization of over $1 billion has caught the attention of crypto analyst Leshka, who predicts that the PENGU token is poised to surpass the $10 billion mark in the near future.
The Pudgy Penguins ecosystem is underpinned by a robust NFT collection with a floor price of approximately 16.8 ETH on OpenSea, which represents an astonishing 51% surge over the past three months. The project’s expansion into the physical realm through merchandise, including toys and clothing, has also bolstered its growth prospects.
The team behind Pudgy Penguins has successfully diversified their offerings to encompass not only digital collectibles but also the real-world. This has enabled them to tap into a broader audience, potentially setting the stage for exponential growth in the coming months.
In conclusion, while the recent market downturn may be unsettling for some investors, the fundamentals of the Pudgy Penguins project remain intact and robust.
Source: coinpedia.org
