The Pudgy Penguins token, a popular NFT project, has faced a sharp decline in demand, affecting its current value and market ranking.
Decline in demand for Pudgy Penguins NFTs
According to third-party data, interest in Pudgy Penguins NFTs has significantly fallen amid the sector's overall reduced activity. According to CryptoSlam, sales of Pudgy Penguins have dropped 72% in the last 30 days to $8.15 million, ranking it as the 10th largest NFT collection by sales volume. The collection has been surpassed by projects like Courtyard, DMarket, and CryptoPunks.
Current market analysis
Despite current challenges, Pudgy Penguins remains one of the most successful NFT collections with cumulative sales of $615 million. However, transaction count fell 61%, and the number of buyers and sellers decreased by 50% and 49% respectively. Comparatively, Bored Ape Yacht Club also faced a drop with their 30-day sales falling to $6 million.
Price drop and future outlook
Prices of Pudgy Penguins tokens have decreased in recent months. The floor price peaked at 34.8 ETH in December, but has now fallen to 9.85 ETH according to CoinGecko. PENGU price analysis shows it has dropped below the support level of $0.0067, with potential further decline to the all-time low of $0.0051.
While Pudgy Penguins continues to be a significant player in the NFT market, current trends underscore the need for adaptation and new approaches in user and investor engagement strategies.
