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PENGU Token Drops 25% After Airdrop Frenzy: What’s Next for Pudgy Penguins?
December 20, 2024
In a shocking turn of events, the PENGU token has experienced a significant decline in value following its recent airdrop frenzy. The mid-cap altcoin plummeted by over 25 percent in the past day alone, with traders and investors rushing to liquidate their positions amid heightened bearish sentiment.
This sudden drop is a stark contrast to the token’s previous trajectory, which saw it rise exponentially following the highly successful Pudgy Penguins NFT collection. The latter has seen its floor price skyrocket by an astonishing 51 percent in just 90 days, with a current value of over $16.8 ETH or approximately $50k.
While some may view this development as a cause for concern, others could see it as a buying opportunity. The Pudgy Penguins project has already ventured beyond the digital realm into physical merchandise, including toys and clothing, through their Huddle community. This diversification strategy has positioned them well to adapt to the ever-evolving crypto landscape.
Despite the recent downturn, analysts predict that PENGU will not only recover but potentially soar exponentially in the near term. According to some predictions, the token could cross the $10 billion market cap mark by then.
Source: coinpedia.org
