BlockNews
  • Crypto
  • Finance
  • Politics
  • Memecoins
  • NFT
  • Technology
  • Opinion
No Result
View All Result
FOLLOW
BlockNews
  • Crypto
  • Finance
  • Politics
  • Memecoins
  • NFT
  • Technology
  • Opinion
No Result
View All Result
BlockNews

PENGU Token Launch Sparks Excitement and Concerns, but What’s Next?

by Sham
December 18, 2024
in Crypto
A A
PENGU Token Launch Sparks Excitement and Concerns, but What’s Next?
11
SHARES
Share on TwitterShare on Reddit

• 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.

ICYMI: Solana meme coin $PENGU (@pudgypenguins) was mentioned on Fox Business with Robinhood $HOOD CEO @vladtenev

He referred to $PENGU and other meme tokens as distractions pic.twitter.com/RGXjswOTbi

— BlockNews (@blocknewsdotcom) December 18, 2024

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.

Tags: market capitalizationNFTPenguPudgy PenguinsRobinhood
Tweet3ShareShare4

DON'T MISS THESE! HOT OFF THE PRESS

Fartcoin Tanks 13% But Accumulation Signals Might Hint at a Surprise Rebound
Crypto

Fartcoin Tanks 13% But Accumulation Signals Might Hint at a Surprise Rebound

May 31, 2025
Avalanche’s Road to $100: Ambitious or Achievable?
Crypto

Avalanche’s Road to $100: Ambitious or Achievable?

May 31, 2025
Meme Coin Bloodbath: PEPE, BONK, and Others Take a Nosedive
Bitcoin

Meme Coin Bloodbath: PEPE, BONK, and Others Take a Nosedive

May 31, 2025
SUI Dips but Trading Volume Pops — What’s Going On?
Crypto

SUI Dips but Trading Volume Pops — What’s Going On?

May 31, 2025
ADA Derivatives Spike as Traders Eye Next Move
Cardano

ADA Derivatives Spike as Traders Eye Next Move

May 31, 2025
Dogecoin Slides, But Hope for a Bounce Lingers
Crypto

Dogecoin Slides, But Hope for a Bounce Lingers

May 31, 2025
Load More

Related News

Fartcoin Tanks 13% But Accumulation Signals Might Hint at a Surprise Rebound

Fartcoin Tanks 13% But Accumulation Signals Might Hint at a Surprise Rebound

May 31, 2025
Avalanche’s Road to $100: Ambitious or Achievable?

Avalanche’s Road to $100: Ambitious or Achievable?

May 31, 2025
Meme Coin Bloodbath: PEPE, BONK, and Others Take a Nosedive

Meme Coin Bloodbath: PEPE, BONK, and Others Take a Nosedive

May 31, 2025
SUI Dips but Trading Volume Pops — What’s Going On?

SUI Dips but Trading Volume Pops — What’s Going On?

May 31, 2025
ADA Derivatives Spike as Traders Eye Next Move

ADA Derivatives Spike as Traders Eye Next Move

May 31, 2025
Discord Twitter Youtube TikTok Instagram

BLOCKNEWS.COM

BlockNews

BlockNews.com is your premier source for real-time cryptocurrency, blockchain, and financial market news.

Our mission is to deliver accurate, timely, and insightful information to help both seasoned investors and newcomers navigate the evolving digital economy.

With in-depth analysis, exclusive insights, and up-to-date news, BlockNews.com keeps you informed on the latest trends in crypto, DeFi, NFTs, tech, and beyond.

Stay ahead of the herd with BlockNews.com

RESOURCES

  • About
  • Contact Us
  • Terms and Conditions
  • Privacy Policy

POPULAR TOPICS

$ADA $XRP AI Avalanche Binance Bitcoin Bitcoin ETF blackrock Blockchain BTC Business Cardano China Coinbase Coinglass crypto cryptocurrency Crypto Exchange Crypto Regulation DeFi Dogecoin Donald Trump Elon Musk ETF eth ethereum Federal Reserve FTX grayscale Memecoin metaverse Microstrategy NFT NFTs PEPE ripple sec Shiba Inu Solana Stablecoin Technology twitter US Web3 xrp

GET QUICKER UPDATES ON X

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.

No Result
View All Result
  • Home
  • Crypto
  • Memecoins
  • Technology
  • Politics
  • Finance
  • NFT
  • DeFi
  • Opinion

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.