PENGU Melts Like Ice Under Sun
Pudgy Penguins’ native token, PENGU, lost more than its value in the first few hours of trading following the highly anticipated December 17 launch of the non-fungible token (NFT) project, .
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Pudgy Penguins’ website, highlighted that the project gave out about half of PENGU’s nearly 89 billion token supply to community members, with about 26% set aside for NFT holders. The PENGU token traded on the Solana blockchain, market valuation has since fallen to less than $1.94 billion.
Pudgy Penguins was introduced in 2021, each depicts a distinct image of the company’s recognizable penguins. Lil’ Pudgys, a collection of 22,000 baby penguins, and Pudgy Rods, which feature fishing rods with a penguin theme, are two more NFTs that the project has since introduced. By providing proof of ownership on the Ethereum network, holders of any of these NFTs can claim PENGU, according to the Pudgy Penguins team.
Additionally, the project intends to introduce its layer-2 Abstract Chain network. Seven million addresses are eligible for the airdrop of Pudgy Penguins’ PENGU token, which has a total supply of 88.88 billion tokens.
Almost five thousand distinct wallets hold the NFTs. Just before PENGU’s launch, they were trading at a floor price of 36 ETH, according to OpenSea.
According to OpenSea, Lil’ Pudgys and Pudgy Rods are on the market right now, with floor prices of about 1.7 ETH and 0.7 ETH, respectively. The website of Pudgy Penguins states that the company has sold 1.5 million Pudgy-branded toys in retail establishments like Walmart. The most expensive NFTs are Pudgy Penguins, followed by CryptoPunks.
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