Pudgy Penguins Token PENGU Plunges Almost 52% in 24 Hours Following Highly-Anticipated Airdrop

The native Pudgy Penguins token PENGU has plunged almost 52% in the past 24 hours following the project's highly-anticipated airdrop yesterday.

The native Pudgy Penguins token PENGU has plunged almost 52% in the past 24 hours following the project’s highly-anticipated airdrop yesterday.

The new Solana token entered the market with an initial market cap of around $2.8 billion, only to plunge to just over $1.87 billion.

The Pudge Penguins price traded at $0.03301 as of 3:43 a.m. EST after plummeting 51.8%. The price of the project’s non-fungible tokens (NFTs) also plunged more than 50%.

Approximately half of PENGU’s total supply of nearly 89 billion tokens has been distributed to the project’s community members. Of the distributed tokens, 26% have been earmarked for NFT holders.

PENGU Trading Volume Exceeded $2.34 Billion

Along with the drop in price, the project saw significant selloffs. Approximately $9.3 million worth of PENGU, accounting for 20% of the total supply, was liquidated.

Wallets linked to early investors were among those who sold their tokens shortly after launch, dumping large amounts of the new crypto on the market.

Buyers tried to fend off the pressure from sellers, but were outmatched. Overall, the 24-hour trading volume for PENGU reached more than $2.34 billion.

$PENGU is live on @Binance. pic.twitter.com/qY5uwuT62t

— Pudgy Penguins (@pudgypenguins) December 17, 2024

PENGU Price Drop Coincides With A Steep Correction In Pudgy Penguins NFT Floor Price

Prior to the PENGU airdrop, the floor price for Pudgy Penguins NFTs had soared to a high of 36 Ethereum (ETH). Once the token hit the market, however, the price for a Pudgy Penguin NFT plunged to around 16 Ethereum (ETH).

Pudgy Penguins trading as if the only reason it went up is because everyone was trying to get the airdrop, and now that the final exit liquidity event is over there is no reason to hold a useless jpeg anymore pic.twitter.com/6zTbigwVhJ

— Wazz (@WazzCrypto) December 17, 2024

This is after many investors who had purchased the NFTs to qualify for the PENGU token airdrop started disposing of their Pudgy Penguin NFTs on the market.

Despite the steep drop in the floor price, the Pudgy Penguins remains one of the most prominent NFT collections in the market after having sold millions of Pudgy-branded toys through retail stores like Walmart.