Pudgy Penguins Token (PENGU) Drops 35% as Airdrop Selloff Accelerates

In Brief:

PENGU token, launched with an airdrop, plunged 35% to $0.043 amid intense sell pressure.

Market cap fell from $4.32B to $3.07B, while NFT floor prices dropped 43.6% to 18.5 ETH.

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The Pudgy Penguins token, PENGU, launched today with massive trading activity, including an airdrop for NFT holders and Ethereum/Solana communities. The token debuted at $0.068 but quickly dropped 35% to $0.043 as airdrop recipients cashed in.

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Key allocations include:

• 25.9% for Pudgy Penguins NFT holders.
• 22% for Solana/Ethereum communities.
• 12.35% for liquidity pools.

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The NFT market followed the token’s trajectory. Pudgy Penguins’ floor price dropped 43.6% from an all-time high of 34.8 ETH to 18.5 ETH in the last 24 hours.

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One trader reportedly made $8.36M in 20 minutes from buying and flipping PENGU tokens, showcasing the token’s volatility.

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With exchanges like Binance and OKX listing the token, selling pressure could persist, potentially pushing prices further down.

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The sharp selloff highlights challenges with airdrop-driven launches, where recipients capitalize quickly, often triggering heavy volatility. NFT and token holders should expect continued price swings as the market stabilizes.

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