Pudgy Penguins (PENGU) Sees 72% of Holders Sell Tokens After Launch

TK Research found that more than 72% of PENGU holders have sold or moved all their tokens immediately after the launch. This means only 18% are still holding

A recent analysis by TK Research has revealed that a substantial number of Pudgy Penguins (PENGU) holders sold or moved their tokens following the launch.

According to data from on-chain analysis firm TK Research, a total of 18.7 billion PENGU (PENGU) tokens have been claimed since the native token was launched, amounting to 81.4% of its circulating token supply. The native token of the NFT collection Pudgy Penguins was launched officially on Dec. 17, listing on major exchanges such as Binance and OKX.

The analysis showed that 72.33% of holders sold or moved all their PENGU tokens, while 3% sold 90% of their PENGU tokens and less than 1% of holders sold or moved 75% of their tokens. On the other hand, nearly 18% of PENGU holders still choose to keep their tokens after the launch. But only 3% have bought more PENGU tokens.

In addition, the on-chain analytics firm found that the average holder wallet has 19,300 PENGU tokens allocated.

According to data from crypto.news, PENGU has gone down by nearly 9% in the past 24 hours of trading. It is currently trading hands at $0.03. PENGU has accumulated a market cap of $1.9 billion within just two days after its public release, placing the NFT native token in 71st place on the overall crypto leaderboard by market cap.

Though, PENGU now has a daily trading volume of $2.06 billion, surpassing its market cap.

On the day PENGU was launched, an unlucky trader bought $10,000 worth of PENGU tokens a few hours after it was launched. Unfortunately, the value of the token dropped, leaving the trader with PENGU tokens worth only $3.

PENGU is the native token of popular Ethereum-based NFT collection Pudgy Penguin. The token’s launch was announced on Pudgy Penguin’s official account on Dec. 6, with a maximum token supply of more than 8 billion.