On December 17th, 2024, Igloo studio and the Pudgy Penguins team launched their native token, $PENGU, on Binance, one of the largest cryptocurrency exchanges. However, it dropped by more than 30% a few hours after launch. Let's explore what went wrong.
$PENGU Token: Description and Launch
Data from CoinMarketCap.com shows that the Pudgy Penguins' NFT coin $PENGU decreased by over 30% from its initial all-time high. Launched on the Binance exchange on December 17, 2024, the token price rapidly increased from $0.0003375 to $0.05063 but soon fell to $0.02976. As of publication, the price finds support around $0.02888. Nevertheless, the $PENGU price is up +400% in the past 24 hours. $PENGU is the utility token of the Pudgy Penguins collection, which consists of 8,888 unique cartoon penguins. It launched on the Solana blockchain network and was airdropped to holders of Pudgy Penguins and Lil Pudgy tokens as part of the project's strategy to expand its ecosystem.
Post-Launch Issues
The $PENGU token is down nearly 50% in the first trading hours. Massive selling pressure from the airdrop contributed to the decline. Additionally, technical issues emerged as many crypto wallets flagged its website as 'dangerous,' and users reported missing tokens.
NFT News
- A Blur user lost 14 Blur (ETH) & 1 Azuki NFT in a phishing attack. - Daily NFT sales hit $55M following a recent surge in Ethereum NFTs. - Binance lists Pudgy Penguins NFT coin, $PENGU, on December 17.
The launch of the $PENGU token marked a significant milestone for the Pudgy Penguins community; however, the first hours post-launch presented several challenges. Security issues and market reactions temporarily impacted the token's value, highlighting the importance of thorough preparation prior to a launch.
