PENGU Token Price Slides By 35% Following Airdrop
PENGU, a newly launched token in the Pudgy Penguins NFT series, went live today and is airdropped to eligible recipients. However, intense selling pressure caused the PENGU token price to drop by 35% shortly after its debut.
In the first hour of trading, PENGU’s trading volume surged to $474 million. Below is information about the airdrop’s launch, exchange listing, and market reaction to the airdrop.
PENGU launch brings huge selling pressure
A few weeks ago, the Pudgy Pengu team revealed that it would launch the token before the end of the year. That leaves the wider market speculating on when that might happen. But yesterday, December 16th, Binance Disclosure The cryptocurrency exchange will offer the PENGU token for spot trading today.
The development has sparked excitement in the cryptocurrency community as the PENGU token is launched and part of its supply is airdropped to the community. Specifically, the total issued amount of PENGU is 88.88 billion.
Of this amount, 25.9% is allocated to Chunky Penguin NFT Communityanother 22% has been reserved for Solana and Ethereum Community. The Pudgy Penguins project team received 17% equity, with a one-year cliff and three-year vesting period. Additionally, 12.35% is allocated to the liquidity pool.
However, unlike the recent Binance listing that pushed up the prices of multiple tokens, PENGU’s market capitalization has dropped from $4.32 billion to $3.07 billion at the time of writing.
The coin’s price also fell from $0.068 to $0.043. Nansen said the drop in value could be related to rising selling pressure on airdrop recipients.
As you can see below, the volume of sales since the cryptocurrency’s launch has significantly exceeded the volume of purchases of the cryptocurrency. If selling pressure intensifies, Altcoin Prices The drop is likely to be much less than $0.043.
Pudgy Penguins price floor follows coin direction
Ahead of today’s PENGU airdrop and token issuance, Pudgy Penguins’ NFT base price reached an all-time high of 34.80 ETH, worth over $100,000.
This makes this project the most Expensive NFT collectibles. However, over the past 24 hours, the floor price has fallen by 43.60% and is trading at 18.50 ETH.
Meanwhile, Lookonchain disclose Some traders profited from the PENGU token price. For example, one trader bought $5.36 million worth of tokens and sold them for $13.72 million in just 20 minutes.
However, this rapid rise is unlikely to be repeated in the short term, and the price of cryptocurrencies is expected to continue to slide, especially after Another exchange, OKXis listed.
Disclaimer
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