Token

Value

Pudgy Penguins

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/pengu-token-faces-significant-decline-in-value/" data-wpel-link="internal" rel="noopener noreferrer nofollow">PENGU Token Faces Significant Decline in Value</a><br></p>
<p style="text-align: justify">The <a href="https://en.coin-turk.com/crypto-market-faces-significant-drop-as-some-coins-defy-the-trend/" data-wpel-link="internal" rel="noopener noreferrer nofollow"></a><a href="https://en.coin-turk.com/experts-analyze-key-factors-impacting-cryptocurrencies/" data-wpel-link="internal" rel="noopener noreferrer nofollow">cryptocurrency</a> market is currently focused on the Pudgy Penguins NFT collection and the newly launched PENGU token. Following its airdrop, the token attracted significant interest but subsequently lost over 50% of its value due to rapid sell-offs on exchanges.</p>
<h2 style="text-align: justify" id="pengu-token-value-drops-from-day-one">PENGU Token Value Drops from Day One</h2>
<p style="text-align: justify">The PENGU token began trading at US$0.068 immediately after distribution. However, within hours, it plummeted to US$0.031, resulting in a severe loss. This decline reduced the token’s market value from US$2.3 billion to US$1.7 billion, with a nearly 60% drop in price over the last 24 hours. Despite being listed on major platforms like <a href="https://en.coin-turk.com/binance-to-remove-25-busd-trading-pairs-latest-update/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Binance</a>, OKX, and KuCoin, the selling pressure could not be alleviated.</p>
<p style="text-align: justify">Data from DexScreener indicates that selling pressure significantly outweighed purchasing activity. Over 111,000 sellers surpassed 59,000 buyers. According to the on-chain analysis platform Lookonchain, airdrop farmers rapidly sold their tokens using multiple wallets, reaping substantial profits. One investor reportedly made US$13.7 million by selling 5.3 million PENGU tokens within just 20 minutes, contributing to price fluctuations.</p>
<h2 style="text-align: justify" id="nft-prices-and-market-rankings-decline">NFT Prices and Market Rankings Decline</h2>
<p style="text-align: justify">The drop in PENGU token value has negatively affected the Pudgy Penguins NFT collection. The floor price of the NFT collection fell from 33 ETH to 16 ETH, causing it to drop from second to third place in market rankings. The Bored Ape Yacht Club reclaimed the second spot with a floor price of 18.89 ETH.</p>
<p style="text-align: justify">The decline in the NFT market adversely impacts the overall outlook for collections. Analysts note that rapid sell-offs are pushing prices down. While investors focus on realizing profits, collection owners are striving to minimize losses.</p>
<p style="text-align: justify">These developments highlight the volatile nature of the cryptocurrency market. Investors are urged to take cautious steps in light of the market’s unpredictable nature. Such sudden price drops emphasize the importance of trading imbalances in a free market environment.</p>
<p>The post <a href="https://en.coin-turk.com/pengu-token-faces-significant-decline-in-value/" data-wpel-link="internal" rel="noopener noreferrer nofollow">PENGU Token Faces Significant Decline in Value</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal" rel="noopener noreferrer nofollow">COINTURK NEWS</a>.</p>

PENGU Token Faces Significant Decline in Value

Table of Contents

COINTURK NEWS

Other articles published on Dec 18, 2024

Onez Boosts Web3 Startups as Web3Bay Innovates E-commerce & Africa Hosts Remarkable Web3 Event

NFTMozaic Secures Web3 Foundation Grant to Unite and Elevate Polkadot's NFT Ecosystem

FUNDED Face-Off: Arbidex vs Foxify — The Ultimate Trading Showdown!

Ethereum (ETH) vs. Lightchain AI Is the Smart Contract King Ready for a New Challenger

COPA Wants Craig Wright in Jail for Skipping Court Hearing

Will Federal Reserve’s Decision Impact Crypto Market?

Join our free newsletter for daily crypto updates!