PENGU, the native token of Pudgy Penguins, fell more than 50% in the first hours of trading following the non-fungible token (NFT) project’s much-anticipated airdrop on December 17.
According to Pudgy Penguins’ website, the project has distributed about half of PENGU’s total supply of approximately 89 billion tokens to community members, with about 26% allocated to NFT holders.
The PENGU token, which initially debuted with a market cap of about $2.8 billion, has seen its market cap fall to less than $2 billion since trading on Solana, according to data from CoinGecko.
The Pudgy Penguins team has not announced any specific use cases for the PENGU token, but it is expected to play a role in project governance, according to Bybit.
source: CoinGecko
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Profitable NFT Collection
Launched in 2021, Pudgy Penguins is a collection of 8,888 NFTs, each NFT representing a unique image of the brand’s iconic penguin.
The project has since released other NFTs, including Lil’ Pudgys, a collection of 22,000 baby penguins, and Pudgy Rods, depicting penguin-themed fishing rods.
The Pudgy Penguins team said holders of these NFTs can claim PENGU by proving proof of ownership on the Ethereum network.
According to NFT marketplace OpenSea, as of December 17, the lowest price for a Pudgy Penguin NFT is over 16 Ether (ETH), or approximately $64,000. NFTs are distributed to nearly 5,000 unique wallets.
According to OpenSea, just before PENGU debuted, they were trading at a low of almost 36 ETH.
source: open sea
Meanwhile, according to OpenSea, Lil’ Pudgys and Pudgy Rods are currently trading at floor prices of around 1.7 ETH and 0.7 ETH, respectively.
Pudgy Penguins has sold 1.5 million Pudgy-branded toys at retailers such as Walmart, according to its website.
Pudgy Penguins are the second most expensive NFT after CryptoPunks. Among the oldest NFT collections, CryptoPunks (a collection of 10,000 NFTs released in 2017) has traded for over $20 million per NFT.
As of December 17, several CryptoPunks NFTs are listed for around $170,000, according to the CryptoPunks website.
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