The price of the PENGU token dropped by 6% today, continuing its downward trend that has been ongoing for a month.
On Wednesday, Pudgy Penguins burned unclaimed PENGU tokens. Pudgy Penguins has been gaining attention for its significant price drop. The token has been falling consistently over the past 24 hours, further extending its month-long decline. Although the price was not increasing before, the recent token burn contributed to a decrease in value. Despite this, the PENGU community remains highly active and loyal to the adorable penguin token.
(Source: CoinMarketCap)
The PENGU token of the Pudgy Penguin NFT project has decreased by more than 6% today. It is currently trading at $0.01093, which is significantly lower than its all-time high value of $0.06845, reached in December. The market cap has also dropped by 6% and is currently at $686.82 million.
12 billion PENGU tokens have been burned. Although Pudgy Penguins originally planned to end the token claim period on March 9, it was ended earlier on Wednesday. The project burned all the unclaimed tokens, which accounted for approximately 13.69% of the total supply. More than 12 billion PENGU tokens, worth around $150 million, were burned. When a trader questioned the team’s decision to end the claim period early on X, Luca Netz responded:
“Token burns often result in a decrease in supply, followed by an increase in market value due to increased demand. However, despite the large volume of token burn, the price of the PENGU token continues to decline. Additionally, the floor price of Pudgy Penguin NFTs has also decreased by over 5%, currently trading at 10.05 ETH, according to Coingecko.”
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