The highly anticipated launch of Pudgy Penguin’s token PENGU on Solana blockchain with massive airdrop failed to maintain the rally as token’s value tanked over 54% within 24 hours. The token’s value initially surged to $0.068 before falling to $0.031 amid heavy selling pressure from top holders.
Top meme coins also fell significantly in the last 24 hours with Dogecoin, Shiba Inu and PEPE tanking 4%, 4.3% and 6.3%, respectively. The meme coin market cap has slipped to $127 billion, marking a 3.5% decline over the past 24 hours, as per CoinGecko data.
Pudgy Penguins NFTs experienced a sharp decline in value following the airdrop of PENGU tokens to their holders. The NFT collection’s floor price plunged from 33 ETH to 17 ETH as the airdrop’s falling value sparked heavy selling pressure. The token initially surged to $0.068 but quickly dropped over 50% to $0.031, dragging the collection’s value further down.
Once the second-largest NFT collection by market cap, Pudgy Penguins has now slipped to third place, overtaken by Bored Ape Yacht Club, which holds a floor price of 18.89 ETH, according to CoinGecko.
The PENGU token launched with a $2.3 billion market cap and saw intense trading activity, with $425 million in volume in just four hours. However, Lookonchain data showed most traders flipped tokens for quick profits, exacerbating market instability and weakening sentiment for the Pudgy Penguins ecosystem.
Source: cryptonews.com
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