- The highly anticipated PENGU token dropped over 50% shortly after its airdrop to NFT holders.
- The token is down nearly 60% in the last 24 hours. The decline was mirrored by a sharp drop in the Pudgy Penguins NFT floor price, falling from 33 ETH to 16 ETH.
- One trader reportedly earned US$13.7M (AU$21.6M) by flipping 5.3 million PENGU tokens within 20 minutes.
Oh, boy. This one is definitely not pretty.
The PENGU token —the much-anticipated token from the Pudgy Penguin collection— went through a rollercoaster this week shortly before crashing on major exchanges.
Data shows the token experienced a sharp drop of over 50% following its airdrop to Pudgy Penguins NFT holders. After initially spiking to US$0.068 (AU$0.11), the token’s value plummeted to US$0.031 (AU$0.047) amid significant selling pressure.
At launch, PENGU had a US$2.3B (AU$3.63B) market capitalisation and generated over US$90M (AU$142M) in trading volume. Yeah, that figure is now less than US$1.7B (AU$2.69B)… The coin is down 59.9% in the last 24 hours.
Not only the PENGU token is in free-fall mode. There was a steep drop in Pudgy Penguins’ NFT floor price, which fell from 33 ETH to 16 ETH. As the floor price went down, so did the token’s price.
Quite a downfall, considering Pudgy Penguins, which recently ranked as the second-largest NFT collection by market cap, is now back to third place, as Bored Ape Yacht Club regained its position with a floor price of 18.89 ETH, according to CoinGecko data.
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Thanks for Playing
Major cryptocurrency exchanges, including Binance, OKX, Bybit and KuCoin, listed PENGU for spot trading during its debut, further driving initial trading volumes.
However, DexScreener data showed a sharp contrast in sellers vs buyers, as sellers massively outnumbered buyers. I’m talking about over 111,000 sellers compared to 59,000 buyers, intensifying the downward price pressure.
Moving on, data from on-chain platform Lookonchain, shared on X what many of us already know —that airdrop farmers snipped rewards using multiple wallets, waited for the token generation event, and immediately sold the tokens afterwards. Quick and nice profits.
Related: ETH Hits Yearly Highs as BTC Soars to All-Time High Below $108K
One notable example involved a trader who purchased 5.3 million PENGU tokens and sold them within 20 minutes, earning US$13.7M (AU$21.6M).
Either airdrop farmers quickly capitalised on the event, or there is insider trading (or both, who knows):
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