18/12/2024 Pudgy Penguins’ PENGU token down more than 50% after launch

The non-fungible token (NFT) project’s new token has had a lackluster debut in the early hours of trading.

Pudgy Penguins’ PENGU token down more than 50% after launch

The non-fungible token (NFT) project’s new token has had a lackluster debut in the early hours of trading.

Pudgy Penguins’ native token, PENGU, is down more than 50% in the first hours of trading after the non-fungible token (NFT) project’s much-anticipated Dec. 17 airdrop.

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The project has distributed approximately half of PENGU’s total supply of nearly 89 billion tokens to community members, with around 26% earmarked for NFT holders, according to Pudgy Penguins’ website.

Initially debuting at a market capitalization of around $2.8 billion, the PENGU token, which trades on Solana, has since dropped to a market cap of less than $2 billion, according to data from CoinGecko.

The Pudgy Penguins team has not announced a specific use case for PENGU tokens, but they are expected to play a role in the project’s governance,accordingto Bybit.

Source:CoinGecko

Lucrative NFT collections

Launched in 2021, Pudgy Penguins is a collection of 8,888 NFTs, each representing a unique image of the brand’s iconic penguins.

The project has since launched other NFTs, including Lil’ Pudgys — a collection of 22,000 baby penguins — and Pudgy Rods, which depict penguin-themed fishing rods.

Holders of any of these NFTs are eligible to claim PENGU by demonstrating proof of ownership on the Ethereum network, the Pudgy Penguins team said.

According to OpenSea, an NFT marketplace, the floor price for a Pudgy Penguin NFT as of Dec. 17 is more than 16 EtherETH $3,852.74, or approximately $64,000. The NFTs are distributed among nearly 5,000 unique wallets.

They traded at a floor price of nearly 36 ETH shortly before PENGU’s debut, according to OpenSea.

Tokens, Price Analysis, Airdrop, Solana

Source:OpenSea

Meanwhile, Lil’ Pudgys and Pudgy Rods are currently trading at floor prices of around 1.7 ETH and 0.7 ETH, respectively, according to OpenSea.

Pudgy Penguins has also sold 1.5 million Pudgy-branded toys in retail stores such as Walmart, according to Pudgy Penguins’ website.

Pudgy Penguins are the priciest NFTs after CryptoPunks. Among the oldest NFT collections, CryptoPunks — a collection of 10,000 NFTs launched in 2017 — have traded for upward of $20 million per NFT.

As of Dec. 17, several CryptoPunks NFTs are listed for around $170,000, according to CryptoPunks’ website.

Arts

https://cointelegraph.com/news/pudgy-penguins-pengu-token-down-after-launch

Interesting NFTs
The Moth Catcher
In this psychologically bed-headed portrait, a creature sets in a trance; his eyes devolved and vestigal, his third eye open but hardened and in a form resembling a Sharingan. The imagery therefore expresses an awareness existing in corporeal introspection. The creature’s mind sprouts, on the left side, an emerging face, grinning. To the right side of the head, red tentacles and fingers intertwine–a collaboration of invertebrate and vertebrate consciousness cooperatively handling paint brushes of the sort used to build an oil painting. The neck and throat bristle with random thorns, as from a rose or the upper portions of a beak sprouting from its flesh. The neck itself disassociates into layers of membranous material, terminating upon an abstracted base of convoluted forms composing its body. The nose is virtually non existent, more a sinus reiterative of the shape of the third eye. Set against the exposed teeth peering out of thick, meaty cheeks, a skeleton-like impression results. That impression sets behind a visceral set of lips and tongue, which is the creature’s prime seat of awareness. Sensual, organic, the tongue organ hangs, meaty, and with consciousness of a sea cucumber. It illuminates at the tip, drawing the attraction of a nearby moth–with mystery of purpose.
Brave Samurai
This is the second collaborative piece that I have created with the very talented Dutch artist, @eattheart23. Here, a samurai warrior stands guard, honour bound to protect his master even to the death.
30K
Artist notes: the halving ceremony is the most unusual part of modern bitcoin production in which the owners bet on how efficiently an alpha can inseminate the market.
#70912
By OthersideDeployer
Whisky Pearls
Mahalo! I'm Whisky Pearls. I'm a professional Dogwalker and I love steak. I like to listen to Wutang while grooming. Don't judge me. Maybe you and I can be partners in crime.