Pudgy Penguins PENGU token hit an all-time high of $0.06989 and a market cap of $4B after its Binance listing.
PENGU token launch boosted Pudgy Penguins NFT floor price to 34.1 ETH ($136,000).
Since then PENGU’s price dropped by over 50%, currently trading at $0.02940.
While the global crypto market opened the trading window with Bitcoin’s new all-time high above $108K buzz, one more trend has emerged. PENGU, the native token of the Pudgy Penguins NFT project, has been making waves in the crypto market, drawing both excitement and volatility.
The Solana-based token surged to an all-time high of $0.06989 following its launch on Binance—market cap reached over $4 billion. However, the hype quickly faded, with PENGU’s price falling by over 50%, leaving it trading at $0.2940 at the time of writing. Despite this drop, PENGU remains one of the top gainers in the market, with a market cap of $1.92 billion and a massive trading volume of $2.12 billion.
A few days back, Pudgy Penguins had hinted at launching a token before the end of the year, and on December 17, Binance confirmed the listing of PENGU for spot trading. To fuel the excitement, PENGU launched with a total supply of 88.88 billion tokens, with significant portions allocated to the NFT community and liquidity pools.
The initial price rally of PENGU also positively impacted the Pudgy Penguins NFTs, pushing the floor price of these digital assets to 34.1 ETH ($136,000), marking a record high since July 2021. This positions the Pudgy Penguins collection as the second most expensive, behind CryptoPunks.
Pudgy Penguins PENGU Token Airdrop Pressure and Potential Recovery
However, unlike other Binance listings that typically push token prices higher, PENGU’s market cap has shrunk from $4.36 billion to $1.92 billion, with its price falling from $0.068 to an intraday low of $0.02686.
The continued selling pressure from airdrop recipients who are offloading their tokens, results in a temporary decline in value. The question on everyone’s mind: Will PENGU hit $1 by the end of 2024?
Data from DexScreener shows a market imbalance with 265,746 sellers outperforming 162,016 buyers, contributing to the downward price trend. Despite this, the token’s high trading volume suggests sustained interest, with traders continuing to engage in speculative activity. If the selling pressure from airdrop recipients subsides, the token’s price may stabilize or rise.
According to Nansen data, the token’s RSI of 35 indicates it may be oversold, hinting at a possible rebound. While the CMF signals continued selling pressure, the price may stabilize once most of the airdropped tokens are sold. The outlook remains cautiously optimistic, with market watchers hoping for a recovery as sentiment improves.
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