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After debuting a major airdrop earlier this week, which involved unlocking nearly 70 percent into circulation, the Pudgy Penguins (PENGU) token has experienced a sharp decline in the past few days. The mid-cap altcoin, with a fully diluted valuation of about $2.1 billion and a 24-hour average trading volume of about $1.2 billion, dropped over 25 percent in the last 24 hours to trade about $0.024 on Friday, December 20, during the early New York session.
Following the heightened crypto bearish sentiment, more than $1.3 million was liquidated from the PENGU leveraged market, with over 85 percent involving long traders. With more early adopters of PENGU, who received the token through the recent airdrop accelerating their profit-taking, the altcoin faces more bearish sentiment in the near term.
PENGU Market Fundamentals
The rise of PENGU tokens is bolstered by the tangible success of the Pudgy Penguins collection of 8,888 NFTs. According to market data from OpenSea, the Pudgy Penguins NFTs have a floor price of about 16.8 ETH, which is more than $50k, and represents over a 51 percent spike in the past 90 days.
The Pudgy Penguins team has expanded their services beyond the digital realm into the physical world through merchandise, which includes toys, and clothes. Through the Huddle community, which has grown significantly in the recent past, the Pudgy Penguins ecosystem is well positioned to grow exponentially amid the ongoing crypto mainstream adoption.
What Next?
After the PENGU token airdrop cools off in the near term, the project is well slated to rise exponentially amid the macro crypto bull run in 2025. Moreover, the PENGU project managed to absorb heightened selling pressure to hold a market cap of above $1 billion.
Consequently, crypto analyst alias Leshka anticipates the PENGU to cross the $10 billion market cap in the near term.