The highly-anticipated airdrop of the Solana token PENGU resulted in a sharp drop in its price, creating significant market activity.
PENGU Price Takes a Sharp Dive
24 hours post-launch, PENGU saw its price plummet by 51.8% to $0.03301. The market cap fell from $2.8 billion to just over $1.87 billion. Prices of Pudgy Penguins NFTs also dropped more than 50%. Nearly half of PENGU's total supply was distributed among community members, with 26% allocated to NFT holders.
PENGU Trading Volume Exceeded $2.34 Billion
The token's price drop was accompanied by massive selloffs, with around 20% of PENGU's total supply, worth $9.3 million, being liquidated. Wallets linked to early investors were among those who sold large amounts of the new token soon after launch. Buyers attempted to counter seller pressure but were overwhelmed. The overall 24-hour trading volume surpassed $2.34 billion.
Drop in Pudgy Penguins NFT Floor Price
Before the PENGU airdrop, the floor price for Pudgy Penguins NFTs soared to 36 Ethereum (ETH). However, once the token hit the market, the price dropped to around 16 ETH. Many investors who purchased NFTs to qualify for the airdrop began selling their Pudgy Penguin NFTs. Despite the steep price drop, Pudgy Penguins remains one of the most prominent NFT collections.
Despite significant price declines in both the PENGU token and the Pudgy Penguins NFT collection, interest in the project remains high due to its market popularity.
