The highly anticipated PENGU token fell over 50% shortly after it was airdropped to NFT holders. The token has fallen nearly 60% in the past 24 hours. This decline was reflected by a sharp drop in the Pudgy Penguins NFT floor price, which fell from 33 ETH to 16 ETH. One trader is said to have made US$13.7 million (A$21.6 million) by flipping 5.3 million PENGU tokens in less than 20 minutes.
Oh, boy. This is certainly not pretty.
The PENGU token, the highly anticipated token from the Pudgy Penguin collection, has been through a roller coaster this week, crashing on major exchanges just before.
According to the data, the token experienced a steep drop of more than 50% after the airdrop to Pudgy Penguins NFT holders. The value of the token initially soared to US$0.068 (AU$0.11) before plummeting to US$0.031 (AU$0.047) following heavy selling pressure.
At launch, PENGU's market capitalization was US$2.3 billion (AU$3.63 billion) with a trading volume of over US$90 million (AU$142 million). Well, that number is currently less than US$1.7 billion (A$2.69 billion)… The coin has fallen 59.9% in the past 24 hours.
Source: CoinGecko
PENGU tokens are not the only ones in free fall mode. The NFT floor price for Pudgy Penguins has dropped significantly, dropping from 33 ETH to 16 ETH. As the floor price fell, so did the price of the token.
That's quite a fall considering Pudgy Penguins, which recently ranked as the second-largest NFT collection by market capitalization, is now back in third place, according to CoinGecko data, with Bored Ape Yacht Club starting at 18.89. It has regained its position with ETH.
Source: CoinGecko
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thanks for playing
Major crypto exchanges such as Binance, OKX, Bybit, and KuCoin were listed for spot trading upon PENGU's debut, further boosting initial trading volumes.
However, DexScreener data showed that the number of sellers significantly exceeded the number of buyers, and the contrast between sellers and buyers was significantly different. What I'm talking about is that there are over 111,000 sellers compared to 59,000 buyers, increasing downward pressure on prices.
Next, the data from on-chain platform Lookonchain shows what many of us already know: airdrop farmers use multiple wallets to cut their rewards, wait for a token generation event, and then immediately release their tokens. I shared on X that I sold it. Quick and great profits.
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One notable example involves a trader who bought 5.3 million PENGU tokens and sold them within 20 minutes for $13.7 million (A$21.6 million).
We don't know if airdrop farmers were quick to take advantage of this event, or if there was insider trading (or both).
Source:X
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