PENGU, the newly launched token from the Pudgy Penguins NFT assortment, went reside right this moment with an airdrop to eligible recipients. Nevertheless, intense promoting stress brought about the PENGU token worth to drop by 35% shortly after its debut.
Throughout the first hour of buying and selling, PENGU’s quantity surged to $474 million. Right here’s what to know concerning the launch, trade listings, and the way the market is responding to the airdrop.
PENGU Launch Sees Large Promoting Stress
Some weeks again, the Pudgy Pengu group disclosed that it could launch a token earlier than the yr ends. This left the broader market guessing when that will happen. However yesterday, December 16, Binance disclosed that the crypto trade would make the PENGU token accessible for spot buying and selling right this moment.
This improvement sparked pleasure across the crypto neighborhood because the PENGU token launched and airdropped a few of its provide to the neighborhood. Particularly, PENGU launched with a complete provide of 88.88 billion tokens.
Of this, 25.9% was allotted to the Pudgy Penguins NFT neighborhood, whereas one other 22% has been reserved for the Solana and Ethereum communities. The Pudgy Penguins mission group has been granted 17%, topic to a one-year cliff and three-year vesting interval. Moreover, 12.35% is allotted to liquidity swimming pools.
Pudgy Penguins Token Market Cap. Supply: CoinGecko
Nevertheless, not like latest Binance listings, which have pushed a number of token costs up, PENGU’s market cap has declined from $4.32 billion to $3.07 billion on the time of writing.
The token’s worth has additionally fallen from $0.068 to $0.043. In keeping with Nansen, this decline in worth could possibly be linked to rising promoting stress from the airdrop recipients.
As seen under, the amount bought for the reason that cryptocurrency’s launch clearly outweighs the variety of transactions that concerned shopping for it. Ought to promoting stress intensify, the altcoin’s worth might decline a lot decrease than $0.043.
Pudgy Penguins Token Transactions. Supply: Nansen
Pudgy Penguins Ground Value Follows the Token Route
Previous to right this moment’s PENGU airdrop and token launch, Pudgy Penguins’ NFT ground worth reached an all-time excessive of 34.80 ETH, which is value over $100,000.
This made the mission some of the costly NFT collections. Nevertheless, within the final 24 hours, the ground worth has decreased 43.60% whereas buying and selling at 18.50 ETH.
Pudgy Penguins NFT Ground Value. Supply: CoinGecko
In the meantime, Lookonchain revealed that some merchants profited from the PENGU token worth. One dealer, for instance, purchased $5.36 million value of the token and bought it for $13.72 million inside simply 20 minutes.
Nevertheless, such fast positive aspects could also be unlikely to repeat within the brief time period, with the cryptocurrency’s worth anticipated to proceed its downward slide probably, particularly as one other trade, OKX, has listed it.
