The price of PENGU, associated with the Pudgy Penguins project, shows signs of stabilization despite recent significant growth and positive messaging from Animoca Brands.
Signs of PENGU's Growth Slowing Down
The Pudgy Penguins rally is showing signs of slowing down. On August 1, PENGU fell by 7% amid a broader market downturn. However, prior to that, the token rose nearly by 500% since late July, overtaking BONK and becoming the largest memecoin on the Solana platform.
Analysis of Animoca Brands' Long-Term Strategy
Animoca Brands Research published an optimistic report on PENGU, emphasizing its value beyond the crypto market. The report highlighted that PENGU appeals to not just crypto enthusiasts but also a broader market.
Retail Sales and Project Impact
The Pudgy Penguins project has sold over 1 million physical toys through partnerships with major retailers like Walmart and Amazon, generating $13.4 million in revenue. These sales have helped onboard over 860,000 new users into the crypto space, with 86% of NFT holders having no prior Web3 experience.
Thus, despite the slowdown in PENGU's price growth, the long-term outlook and successful retail sales facilitate accessibility for a broader audience.
