• Pudgy Penguins (PENGU) held a successful airdrop on Dec. 17, claiming the #66 spot by market capitalization.
• The Pudgy Penguins NFT floor price dropped nearly 50% on the day of the airdrop, offsetting the airdrop value.
• PENGU’s price declined after launch but has since reclaimed support, with analysts drawing parallels to Uniswap’s post-airdrop price action.
Pudgy Penguins, the fourth-largest NFT collection by market capitalization, had its eagerly anticipated airdrop for its native token, PENGU, on December 17th. Despite a slight dip in price following the airdrop, PENGU still ranks among the top 70 cryptocurrencies. This article delves into the details of the airdrop, its allocation, and the community’s response.
PENGU Airdrop: A Snapshot
On December 17th, the highly anticipated PENGU airdrop took place. So far, nearly 760,000 wallets have claimed more than 15.5 billion PENGU. While the airdrop was substantial, the majority of wallets only claimed between 1,000 and 10,000 tokens. According to the airdrop calculator, at the current price of $0.03, users received approximately $6,000 worth of PENGU for one Lil Pudgy and $60,000 for one Pudgy Penguin, totaling approximately 200,000 PENGU for one Lil Pudgy and 2,000,000 for one Pudgy.
The Fall of Pudgy Penguins NFT Price
Interestingly, the Pudgy Penguin Non-Fungible Token (NFT) floor price dropped from over 34 ETH to just above 16 ETH on the day of the airdrop, a decline of $68,400. This sharp decline in the Pudgy Penguin floor price offsets all of the airdrop value at the current price, eliminating any arbitrage opportunities.
Community Reactions to the PENGU Airdrop
The X community is largely satisfied with the PENGU airdrop, particularly given its community-focused nature. Robinhood CEO Vlad Tenev even mentioned the PENGU debut in a Fox Business exclusive segment. However, not all stories were success stories, with some users reporting substantial losses after the airdrop.
PENGU’s Price Fluctuations
PENGU’s market capitalization currently ranks it at #66, with a fully diluted value (FDC) of $2.78 billion. The volume in the past 24 hours is $2.25 billion. Despite an initial price drop of 63% to a low of $0.026, PENGU’s price has since increased, reclaiming the $0.029 horizontal support area and breaking out from a descending resistance trend line.
Conclusion
In conclusion, the PENGU airdrop was successful, with no reported issues and a community-centric allocation. However, the sharp decline in the Pudgy Penguins NFT price, which offset almost all of the airdrop value, can be seen as concerning. Following the airdrop, the PENGU price declined and has since been trading in a horizontal range. However, this is nothing out of the ordinary regarding hyped community airdrops. PENGU will likely find its footing in the near future, and continue to dominate not only the crypto and web3 space, but digital culture all together.
