As an analyst with over two decades of experience in the tech and blockchain industries, I’ve seen my fair share of market fluctuations and hype cycles. The recent performance of Pudgy Penguins’ native token, PENGU, is no exception to this pattern.
In simple terms, the cryptocurrency associated with the Pudgy Penguins platform, known as PENGU, has dropped by over 50% in its early trading sessions following the highly expected distribution of Non-Fungible Tokens (NFTs) on December 17th.
Approximately half of the total 89 billion PENGU tokens have been allocated to community members through the project, with roughly a quarter set aside for NFT (Non-Fungible Token) owners, as stated on the Pudgy Penguins’ official website.
As a crypto investor, I initially got excited about the PENGU token, first introduced with a market cap of approximately $2.8 billion. However, after its debut on the Solana (SOL) platform, its value has seen a decline, dropping to less than $2 billion as per data from CoinGecko.
According to Bybit’s reports, the Pudgy Penguins team hasn’t specified a particular purpose for the PENGU tokens yet, however, it’s anticipated that these tokens will be instrumental in governing the project.
Lucrative NFT collections
As a researcher, I embarked on an exciting venture in 2021 with the introduction of my project, Pudgy Penguins. This initiative comprises a set of 8,888 distinct Non-Fungible Tokens (NFTs), each one embodying a distinctive image of our beloved penguin mascots.
Since its inception, the project has introduced additional NFTs such as Lil’ Pudgys, a series of 22,000 baby penguin characters, and Pudgy Rods, featuring penguin-styled fishing rod designs.
Owners of any of these NFTs can verify their ownership on the Ethereum network and thus qualify to receive a Penguin, as stated by the Pudgy Penguins team.
As reported by OpenSea, a popular NFT marketplace, the current lowest price for a Pudgy Penguin NFT is over 16 Ether (ETH), which is roughly equivalent to $64,000. These NFTs are primarily owned by approximately 5,000 distinct digital wallets.
They traded at a floor price of nearly 36 ETH shortly before PENGU’s debut, according to OpenSea.
Currently, the popular items Lil’ Pudgys and Pudgy Rods are being traded on OpenSea for approximately 1.7 ETH and 0.7 ETH each.
As an analyst, I’ve discovered that over a million items bearing the Pudgy Penguins brand have been sold across popular retailers like Walmart, as per information provided on their official website.
The costliest Non-Fungible Tokens (NFTs) after CryptoPunks are the Pudgy Penguins. Among the earliest collections of NFTs, CryptoPunks, which were introduced in 2017 and consist of 10,000 unique pieces, have been sold for more than $20 million each.
On December 17th, various CryptoPunks NFTs can be found listed at approximately $170,000 each, as indicated on the CryptoPunks official site.
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2024-12-17 22:53