PENGU Airdrop: Between sales and optimism, what to expect from the Pudgy Penguins token?

The cryptocurrency market has seen a surge in popularity of airdrops, a strategy of distributing tokens to the community for free, in order to increase engagement and visibility of projects. Recently, the airdrop of PENGU, the official token of the Pudgy Penguins NFT collection, generated great excitement in the crypto community. However, shortly after the distribution, the token experienced a 50% drop in value, a common phenomenon in such launches.

Cryptocurrency analyst known as “Ignas DeFi” shared relevant data about the X platform airdrop, revealing a high level of engagement from the Pengu community, with 91% of the total tokens earmarked for the airdrop already claimed. Of the 23,1 billion PENGU tokens that were allocated, a whopping 21 billion were claimed by 1,1 million addresses. This high claim rate demonstrates the community’s interest in the project.

Despite the initial enthusiasm, a significant portion of participants opted to sell their tokens shortly after receiving them. Data shows that 74% of those who claimed the airdrop sold or transferred their tokens to centralized exchanges. This practice, while common in airdrops, exerted selling pressure on the price of PENGU, contributing to the initial drop.

In contrast to the sellers, a portion of the community has shown optimism about PENGU’s future. 16% of recipients have chosen to hold onto their tokens, believing in their long-term appreciation potential. More notably, 3,5% of participants have not only held onto their tokens but are also actively buying more on the market, indicating a strong conviction in the project. This attitude demonstrates confidence in the team behind Pudgy Penguins and the future utility of the token.

“$PENGU : • 91% claimed $PENGU airdrops (1,1 million addresses); 4% sold or moved all airdrops to another wallet (such as CEX); 16% kept airdrops, with 3,5% buying more,” wrote the analyst.

Source: Flipside/Ignas DeFi

With 70% of the total supply already in circulation, PENGU holders are awaiting the next unlock event, scheduled for one year from now. The balance between initial sales and long-term holder optimism will determine the token’s future trajectory in the dynamic cryptocurrency market.

At the time of publication, the price of PENGU was quoted at $0,03926, up 3.6% in the last 24 hours. In seven days, the token has appreciated by 22.7%.

What is Pudgy Penguins Cryptocurrency?

One of the newest cryptocurrencies is Pudgy Penguins (PENGU) . This new digital currency is tied to a collection of NFTs that has gained traction in the market, attracting the attention of investors and crypto enthusiasts. The Pudgy Penguins project is not just about collecting NFTs. It is also expanding its operations by launching its own cryptocurrency, PENGU, on the Solana network.

Pudgy Penguins is a brand born in the web3 world, known for its focus on creativity and community. The project combines physical and digital elements, offering a variety of unique collectibles.