Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert
Zero fees, no slippage
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
PENGU token rallies 13% despite 52% drop in Pudgy Penguins NFT sales

PENGU token rallies 13% despite 52% drop in Pudgy Penguins NFT sales

GrafaGrafa2025/01/06 07:50
By:Isaac Francis

Pudgy Penguins’ (CRYPTO:PENGU) native token, PENGU, saw a 13% surge on January 5, becoming one of the top performers in the crypto market.

At the time of publication, the token was trading at $0.040, reflecting a 250% increase since its launch on December 17.

Despite a dip in market cap from $2.8 billion to $2.5 billion, large holders have been cashing out.

On January 4, a wallet withdrew 84 million PENGU tokens, worth approximately $3.13 million, from Binance, according to blockchain analytics platform Lookonchain.

Although PENGU's value has surged, Pudgy Penguins' NFT sales have faced a significant decline.

Data from CryptoSlam reveals that sales have dropped by 52% over the past week, with total sales falling to $5.5 million.

NFT transactions, along with the number of buyers and sellers, have also decreased by 51%, 56%, and 41%, respectively.

Despite the downturn in NFT sales, Pudgy Penguins remains relevant in the public eye.

Community lead Berko Crypto highlighted that Pudgy Penguins had amassed billions of GIF views and sold out its Telegram stickers experiment in record time.

The project recorded over 1.1 billion views for its stickers and GIFs within the first five days of January.

The PENGU token operates on Solana (CRYPTO:SOL), with plans to expand to Ethereum (CRYPTO:ETH) and Abstract, an Ethereum layer-2 scaling solution developed by Igloo Inc.

Although the token's use case remains unclear, it is expected to play a role in governance and may offer exclusive perks within the ecosystem.

Additionally, speculation around future airdrops for PENGU holders has emerged, with crypto trader Pentoshi hinting at potential rewards for those holding PENGU tokens.

At the time of reporting, the Pudgy Penguins (PENGU) price was $0.04007.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!