Pudgy Penguins NFT Floor Price Plummets 50% Amid PENGU Token Chaos 🐧📉
The much-anticipated launch of the PENGU token on Solana has taken a dramatic turn, with its value crashing by 54% within 24 hours. After an initial spike to $0.068, heavy sell-offs from major holders pushed the token down to $0.031, sparking turmoil throughout the Pudgy Penguins ecosystem.
This steep decline reverberated through the Pudgy Penguins NFT collection, causing the floor price to nosedive from 33 ETH to 17 ETH. The token initially garnered a market cap of $2.3 billion and recorded an extraordinary $425 million in trading volume within the first four hours. However, analysis from Lookonchain revealed that most traders opted for quick flips, further destabilizing the market.
The PENGU sell-off coincided with a broader pullback in meme coins, including a 6.3% drop in PEPE and declines of 4.3% and 4% for Dogecoin and Shiba Inu, respectively. Collectively, meme coin market capitalization fell 3.5% to $127 billion, as reported by CoinGecko.
Amid this turmoil, the Bored Ape Yacht Club (BAYC) NFTs surged past Pudgy Penguins, achieving a floor price of 18.89 ETH and reclaiming its position as the third-largest NFT collection by market cap.
The PENGU token’s rapid decline and its impact on Pudgy Penguins underscore the risks tied to speculative hype surrounding airdrops and new launches. As market volatility persists, the Pudgy Penguins community faces the challenge of restoring confidence in its ecosystem.
#NFTInsights #CryptoVolatility #Debate2024 #CryptoTrendsetter $PENGU
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