Pudgy Penguins, the team behind the globally acknowledged Pudgy Penguins non-fungible token collection, released its native token “$PENGU” on the Solana blockchain network yesterday evening. The new $PENGU skyrocketed more than +1,000% to hit $0.05063 before finding support around $0.03888. In this editorial, we shall explore whether the new NFT coin $PENGU can achieve what ApeCoin did post-launch.
NFT Coin $PENGU Flips +50% From Launch
Data compiled by CoinMarketCap.com , an on-chain cryptocurrency market data aggregator and non-fungible token explorer, shows that the Pudgy Penguins’ NFT coin $PENGU is still down over 50% from its initial all-time high. At the time of publishing, the $PENGU price is finding support around $0.03888. It has amassed a trading sales volume of $2.18 billion in the past 24 hours.
The Pudgy Penguins’ NFT coin $PENGU entered the crypto market with a loud bang. However, it suffered light technical glitches notable selling pressure from the airdrop. The $PENGU token was airdropped to Pudgy Penguins, Lil Pudgy, and other pudgy digital assets like Pengu Pins and Pudgy Rods NFT collection as part of Pudgy Penguins’ broader strategy to grow its ecosystem.
Fortunately, industry experts have termed the recent $PENGU launch as a very successful launch that enriched all participants within the pudgy community and other communities. The NFT coin opened the first day with a 70.7% circulating supply, a very risky move yet smart. Furthermore, aside from the remaining airdrop participants who have yet to claim their tokens, there won’t be any token inflation for one year.
NFT Coin $PENGU vs. ApeCoin
From a technical standpoint, ApeCoin is the only NFT coin that can be compared with PENGU. ApeCoin (APE), an ERC-20 governance and utility token native to the Bored Ape Yacht Club (BAYC) ecosystem, also underwent a successful launch, skyrocketing +100% in its first hours of launch. Nonetheless, the $PENGU has launched amid the NFT market bull run, while ApeCoin was launched arguably in a bear market and hit a crazy valuation.
In October, the NFT-based altcoin “ApeCoin” pumped again over 100 percent after the highly anticipated ApeChain launch. The newly launched ApeChain is an Ethereum layer three scaling network facilitating seamless minting and trading of NFTs. Since the pudgy team has much to announce in January 2025, including their upcoming Abstract: L2 ecosystem, this could be another chance for the $PENGU price to skyrocket to greater heights.
Related NFT News:
- NFT Coin $PENGU Falls +30% From ATH – What Went Wrong?
- Blur User Loses 14 Blur (ETH) 1 Azuki NFT In A Phishing Attack
- Daily NFT Sales Hit $55M, Following Recent Surge In Ethereum NFTs
