PENGU, the newly-launched cryptocurrency of the Pudgy Penguins ecosystem, suffered a sharp decline in value a day after it went live.<\/p>\n
At the time of writing, data from CoinGecko showed that the token had fallen by 57.8% within 24 hours to settle at $0.02892.<\/p>\n
The highly-anticipated airdrop<\/a> launched on December 17 saw about 62.8 billion PENGU tokens distributed to millions of qualified NFT holders, traders, and team members.<\/p>\n However, following an initial surge that catapulted the token into the top 100 cryptocurrencies by market cap, it suffered a swift sell-off that saw its value plummet by more than 60%, falling from a high of $0.06845 to a low of $0.027.<\/p>\n Interestingly, the damage wasn\u2019t limited to the cryptocurrency, with Pudgy Penguins\u2019 NFT collection suffering<\/a> a similar fate. Within a single day, it saw its floor price plunge by more than 48% to 17.1 ETH,\u00a0 about $64,450, a stark contrast to its all-time high (ATH) level of 36.33 ETH.<\/p>\n The downtrend notwithstanding, information from CryptoSlam showed an increase<\/a> in trading activity, with the collection\u2019s daily sales volume skyrocketing 258% to $21.7 million. While some investors cashed out their holdings, others used the opportunity to buy the dip, with the average sale price currently sitting at 19.89 ETH.<\/p>\n While the rapid drop in PENGU\u2019s market value may have raised some eyebrows, the phenomenon is not particularly new, with several other cryptocurrency giveaways leading to a market frenzy.<\/p>\n Some observers have attributed this to an emerging trend among airdrop recipients who quickly cash out their holdings, leading to a marked price instability at the beginning of a coin\u2019s post-distribution trading.<\/p>\n For example, NFT marketplace Magic Eden\u2019s<\/a> ME token and Movement Network\u2019s MOVE also experienced similar patterns following their respective airdrops. Both of them registered sharp divestment, with ME in particular losing 80% of its value as thousands of claimants exited their positions.<\/p>\n However, regardless of the turbulence, PENGU still retains a market cap just shy of $2 billion, placing it at #78 among the largest cryptocurrencies in the market. Additionally, as of this writing, its price had made some marginal recoveries and was 10.5% above its lowest level recorded only hours ago.<\/p>\n The post Pudgy Penguins\u2019 PENGU Token, NFTs Suffer Major Price Dip Post-Airdrop<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" PENGU, the newly-launched cryptocurrency of the Pudgy Penguins ecosystem, suffered a sharp decline in value a day after it went live. At the time of writing, data from CoinGecko showed that the token had fallen by 57.8% within 24 hours to settle at $0.02892. Airdrop Aftermath The highly-anticipated airdrop launched on December 17 saw about […]<\/p>\n","protected":false},"author":0,"featured_media":29358,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-29357","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/29357"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=29357"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/29357\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/29358"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=29357"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=29357"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=29357"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}A Pattern of Post-Airdrop Volatility<\/h2>\n