NFT Coin $PENGU Falls +30% From ATH – What Went Wrong?

On December 17, 2024, Igloo, the digital asset incubation studio, and the team behind the popular pudgy penguins non-fungible token collection, launched its highly anticipated native token $PENGU on Binance, one of the largest cryptocurrency exchanges. Unfortunately, the Pudgy Penguins’ NFT coin $PENGU is down more than 30% several hours after launch. In this article, we shall explore what went wrong.

Pudgy Penguins NFT Coin ‘$PENGU’ Explained

Data compiled by CoinMarketCap.com, an on-chain cryptocurrency market data aggregator and non-fungible token explorer, shows that the Pudgy Penguins’ NFT coin $PENGU is down over 30% from its initial all-time high. $PENGU successfully launched on the Binance crypto exchange on December 17.2024 at around 5.00 ECT and rapidly rose from $0.0003375 to $0.05063.

PENGU_1D_graph_coinmarketcap

Unfortunately, the $PENGU price began dropping several hours later, dropping from $0.05063 to $0.02976. At the time of publishing, the $PENGU price is finding support around $0.02888. Nonetheless, the $PENGU price is up +400% in the past 24 hours. During this period, the NFT coin has a market capitalization of $1.8 billion and a fully diluted valuation (FDV) of $2.56 billion. $PENGU has amassed a trading sales volume of $2.18 billion in the past 24 hours.

By description, $PENGU is the utility token of the Pudgy Penguins, the globally acknowledged non-fungible token collection, which Features a limited edition of 8,888 unique cartoons of cute penguins. The $PENGU token launched on the Solana blockchain network and airdropped to Pudgy Penguins and Lil Pudgy holders, and potentially holders of other pudgy digital assets like Pengu Pins and Pudgy Rods as part of Pudgy Penguins’ broader strategy to grow its ecosystem.

What Went Wrong?

The Pudgy Penguins’ native token, $PENGU, is currently down nearly 50% in the first hours of trading. Some of the factors associated with the $PENGU token price drop include technical problems during the launch as crypto wallets flagged its website as ‘dangerous’ and claimants,’ while complaining of missing tokens. Moreover, PENGU’s price drop can be linked to massive selling pressure from the airdrop.

Related NFT News:

  • Blur User Loses 14 Blur (ETH) & 1 Azuki NFT In A Phishing Attack
  • Daily NFT Sales Hit $55M, Following Recent Surge In Ethereum NFTs
  • Binance Sets To List Pudgy Penguins NFT Coin, $PENGU, Today Dec 17

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