Following their much-anticipated airdrop on December 17, PENGU, the native token of the Pudgy Penguins NFT project, saw a startling drop of almost 50%. In first trading hours,
The project’s website claims that the community has received around 89 billion of the almost half of PENGU tokens that are available overall. NFT holders got about 26% of these tokens.
Originally having a market capitalisation of around $2.8 billion, the Solana blockchain coin has decreased in value to less than $2 billion, according to CoinGecko.
Although the Pudgy Penguins team has not yet indicated a specific use case for the PENGU token, it is expected to be very important in the governance framework of the project.
The rise of Pudgy Penguins and their growing ecosystem
Launched in 2021, Pudgy Penguins is an 8,888 collection of 8,888 original NFTs including trademark penguin artwork for the company. The project has added more NFTs—a collection of 22,000 baby penguin-themed NFTs—and Pudgy Rods, which depict penguin-inspired fishing rods throughout time.
The Pudgy Penguins team claims that NFT holders across various collections can claim PENGU tokens by submitting Ethereum network evidence of ownership.
