In a dramatic turn of events, the price of Pudgy Penguins (PENGU) has plummeted by 50%. This occurred within the past 24 hours. This significant drop has sent shockwaves through the cryptocurrency community, raising questions about the future of this popular token.
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The price of Pudgy Penguins (PENGU) fell from $0.06845 to $0.03346, marking a 50% decrease as of data from Coingecko. The market cap of Pudgy Penguins now stands at approximately $2.17 billion, down from its earlier high.The 24-hour trading volume surged to $1.59 billion, indicating a high level of market activity and selling pressure.
Reasons for the Drop
The sharp decline in PENGU’s price can be attributed to several factors. The recent airdrop of PENGU tokens to NFT holders and other eligible recipients led to a massive sell-off. Many recipients opted to cash in on their newly acquired tokens, creating significant selling pressure. The overall market sentiment has been bearish, with investors showing caution amid broader market volatility. This has contributed to the downward pressure on PENGU’s price. The floor price of Pudgy Penguins NFTs also saw a major decline, falling from 30.99 ETH to 15.9 ETH. This drop in NFT prices further exacerbated the negative sentiment around PENGU.
Market Sentiment and Upcoming Airdrop
Opinions on Pudgy Penguins are quite mixed. While some investors stay hopeful about its future prospects, the recent decline in price has sparked a wave of doubt. Caution is the prevailing sentiment among many. On platforms like X (formerly known as Twitter), there’s a buzz of concern over the token’s volatility. People are worried about the repercussions of the airdrop on its valuation. Calls for increased transparency and improved communication from the Pudgy Penguins team are growing louder within the community. On a brighter note, the significant $1.5 billion PENGU airdrop on Solana promises to bolster the token’s appeal. It aims to draw in a fresh wave of participants.