Pudgy Penguins, the creators of the globally recognized NFT collection, released their native token $PENGU on the Solana blockchain yesterday evening. The coin has shown significant growth since its release but faced technical glitches and selling pressure.
Growth and Current State of $PENGU
According to data from CoinMarketCap.com, $PENGU is still more than 50% below its all-time high. The current price finds support around $0.03888, with a trading volume of $2.18 billion over the past 24 hours. The launch experienced technical glitches and selling pressure from the airdrop, yet industry experts acknowledge it as a very successful event with a 70.7% circulating supply.
Comparison between NFT Coins $PENGU and ApeCoin
Technically, $PENGU can be compared to ApeCoin, the token from the Bored Ape Yacht Club (BAYC) ecosystem. Both tokens experienced substantial growth following their launch. $PENGU launched amid an NFT market bull run, whereas ApeCoin launched during a bear market.
Future Plans and Projections
In October, ApeCoin surged over 100% again after the launch of ApeChain, a new scaling network for NFTs. Pudgy Penguins team plans further announcements in January 2025, including Abstract: L2, potentially boosting the $PENGU price again.
The launch of $PENGU has been successful and remains a relevant topic in the NFT world. While the token has further growth potential, its future largely depends on upcoming announcements and the overall market situation.
